Loan Comparison: 2.81% vs 6.5%
283 Ley, La Salle, CO 80645 · 4bd/2ba · $378,000
List Price
$378,000
Assumable Rate
2.81%
Remaining Balance
$240,321
Equity Gap
$137,678
Loan Type
FHAAdjust Your Scenario
$18,900
$18,900$137,678
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.81% (FHA)
Blended Rate: 4.69%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,270/moAssumable @ 2.81% + gap loan
$1,902/moAssumed loan: $989/mo
Gap financing: $913/mo
$368less per month with the assumable
Your Savings on This Property
283 Ley, La Salle · 2.81% FHA vs 6.5% conventional
$368
per month
$4,413
per year
$132,377
over 30 years
$132,376
interest saved
How gap financing works: The equity gap ($137,678) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,900, 5% of purchase price) and a second mortgage for the rest ($118,778 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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