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
$240,694
Equity Gap
$439,205
Loan Type
FHAAdjust Your Scenario
$33,995
$33,995$439,205
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.35% (FHA)
Blended Rate: 6.21%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,083/moAssumable @ 2.35% + gap loan
$4,048/moAssumed loan: $932/mo
Gap financing: $3,116/mo
$34less per month with the assumable
Your Savings on This Property
12635 Halleluiah, Elbert · 2.35% FHA vs 6.5% conventional
$34
per month
$414
per year
$12,412
over 30 years
$12,411
interest saved
How gap financing works: The equity gap ($439,205) 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 ($405,210 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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