Loan Comparison: 3.95% vs 6.5%
188 Monares, Erie, CO 80516 · 4bd/3ba · $639,900
List Price
$639,900
Assumable Rate
3.95%
Remaining Balance
$142,513
Equity Gap
$496,340
Loan Type
FHAAdjust Your Scenario
$31,995
$31,995$496,340
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.95% (FHA)
Blended Rate: 7.43%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,842/moAssumable @ 3.95% + gap loan
$4,247/moAssumed loan: $676/mo
Gap financing: $3,570/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 ($496,340) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($31,995, 5% of purchase price) and a second mortgage for the rest ($464,345 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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