Loan Comparison: 2.89% vs 6.5%
620 Cimarron, Ault, CO 80610 · 4bd/3ba · $439,620
List Price
$439,620
Assumable Rate
2.89%
Remaining Balance
$291,802
Equity Gap
$148,488
Loan Type
FHAAdjust Your Scenario
$21,981
$21,981$148,488
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.89% (FHA)
Blended Rate: 4.59%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,640/moAssumable @ 2.89% + gap loan
$2,186/moAssumed loan: $1,213/mo
Gap financing: $973/mo
$454less per month with the assumable
Your Savings on This Property
620 Cimarron, Ault · 2.89% FHA vs 6.5% conventional
$454
per month
$5,448
per year
$163,450
over 30 years
$164,120
interest saved
How gap financing works: The equity gap ($148,488) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,981, 5% of purchase price) and a second mortgage for the rest ($126,507 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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