Loan Comparison: 2.87% vs 6.5%
635 Ash, Ault, CO 80610 · 5bd/3ba · $440,000
List Price
$440,000
Assumable Rate
2.87%
Remaining Balance
$354,645
Equity Gap
$86,917
Loan Type
FHAAdjust Your Scenario
$22,000
$22,000$86,917
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.87% (FHA)
Blended Rate: 3.74%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,642/moAssumable @ 2.87% + gap loan
$1,970/moAssumed loan: $1,470/mo
Gap financing: $499/mo
$672less per month with the assumable
Your Savings on This Property
635 Ash, Ault · 2.87% FHA vs 6.5% conventional
$672
per month
$8,069
per year
$242,079
over 30 years
$243,641
interest saved
How gap financing works: The equity gap ($86,917) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,000, 5% of purchase price) and a second mortgage for the rest ($64,917 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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