Loan Comparison: 2.83% vs 6.5%
3708 Salida, Evans, CO 80620 · 2bd/1ba · $270,000
List Price
$270,000
Assumable Rate
2.83%
Remaining Balance
$177,618
Equity Gap
$92,381
Loan Type
FHAAdjust Your Scenario
$13,500
$13,500$92,381
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.83% (FHA)
Blended Rate: 4.57%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,621/moAssumable @ 2.83% + gap loan
$1,339/moAssumed loan: $733/mo
Gap financing: $607/mo
$282less per month with the assumable
Your Savings on This Property
3708 Salida, Evans · 2.83% FHA vs 6.5% conventional
$282
per month
$3,385
per year
$101,545
over 30 years
$101,544
interest saved
How gap financing works: The equity gap ($92,381) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($13,500, 5% of purchase price) and a second mortgage for the rest ($78,881 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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