Loan Comparison: 3.47% vs 6.5%
7265 Ellingwood, Frederick, CO 80504 · 3bd/3ba · $530,000
List Price
$530,000
Assumable Rate
3.47%
Remaining Balance
$362,201
Equity Gap
$167,798
Loan Type
FHAAdjust Your Scenario
$26,500
$26,500$167,798
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.47% (FHA)
Blended Rate: 4.88%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,182/moAssumable @ 3.47% + gap loan
$2,707/moAssumed loan: $1,620/mo
Gap financing: $1,086/mo
$476less per month with the assumable
Your Savings on This Property
7265 Ellingwood, Frederick · 3.47% FHA vs 6.5% conventional
$476
per month
$5,707
per year
$171,223
over 30 years
$171,222
interest saved
How gap financing works: The equity gap ($167,798) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($26,500, 5% of purchase price) and a second mortgage for the rest ($141,298 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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