Loan Comparison: 3.47% vs 6.5%
7265 Ellingwood, Frederick, CO 80504 · 3bd/3ba · $499,000
List Price
$499,000
Assumable Rate
3.47%
Remaining Balance
$359,007
Equity Gap
$136,798
Loan Type
FHAAdjust Your Scenario
$24,950
$24,950$136,798
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.47% (FHA)
Blended Rate: 4.66%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,996/moAssumable @ 3.47% + gap loan
$2,466/moAssumed loan: $1,606/mo
Gap financing: $860/mo
$530less per month with the assumable
Your Savings on This Property
7265 Ellingwood, Frederick · 3.47% FHA vs 6.5% conventional
$530
per month
$6,362
per year
$190,875
over 30 years
$187,680
interest saved
How gap financing works: The equity gap ($136,798) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,950, 5% of purchase price) and a second mortgage for the rest ($111,848 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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