Loan Comparison: 2.35% vs 6.5%
12635 Halleluiah, Elbert, CO 80106 · 3bd/4ba · $679,900
List Price
$679,900
Assumable Rate
2.35%
Remaining Balance
$252,305
Equity Gap
$438,408
Loan Type
FHAAdjust Your Scenario
$33,995
$33,995$438,408
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.35% (FHA)
Blended Rate: 6.14%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,083/moAssumable @ 2.35% + gap loan
$4,087/moAssumed loan: $977/mo
Gap financing: $3,110/mo
Your Savings on This Property
12635 Halleluiah, Elbert · 2.35% FHA vs 6.5% conventional
$0
per month
$0
per year
$0
over 30 years
$9,239
interest saved
How gap financing works: The equity gap ($438,408) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($33,995, 5% of purchase price) and a second mortgage for the rest ($404,413 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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