Loan Comparison: 3.95% vs 6.5%
188 Monares, Erie, CO 80516 · 4bd/3ba · $649,900
List Price
$649,900
Assumable Rate
3.95%
Remaining Balance
$143,560
Equity Gap
$506,340
Loan Type
FHAAdjust Your Scenario
$32,495
$32,495$506,340
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.95% (FHA)
Blended Rate: 7.44%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,902/moAssumable @ 3.95% + gap loan
$4,325/moAssumed loan: $681/mo
Gap financing: $3,643/mo
Your Savings on This Property
188 Monares, Erie · 3.95% FHA vs 6.5% conventional
$0
per month
$0
per year
$0
over 30 years
$0
interest saved
How gap financing works: The equity gap ($506,340) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($32,495, 5% of purchase price) and a second mortgage for the rest ($473,845 at 8.5%). Even with two payments, the blended cost is typically much lower than a new conventional loan. We work with lenders who specialize in assumption gap financing.
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