Loan Comparison: 3.44% vs 6.5%
305 12th, Gilcrest, CO 80623 · 3bd/1ba · $225,000
List Price
$225,000
Assumable Rate
3.44%
Remaining Balance
$147,267
Equity Gap
$97,323
Loan Type
FHAAdjust Your Scenario
$11,250
$11,250$97,323
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.44% (FHA)
Blended Rate: 5.31%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,351/moAssumable @ 3.44% + gap loan
$1,318/moAssumed loan: $656/mo
Gap financing: $662/mo
$33less per month with the assumable
Your Savings on This Property
305 12th, Gilcrest · 3.44% FHA vs 6.5% conventional
$33
per month
$394
per year
$11,825
over 30 years
$31,415
interest saved
How gap financing works: The equity gap ($97,323) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($11,250, 5% of purchase price) and a second mortgage for the rest ($86,073 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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