Loan Comparison: 2.74% vs 6.5%
201 Rick, Fort Collins, CO 80525 · 3bd/1ba · $400,000
List Price
$400,000
Assumable Rate
2.74%
Remaining Balance
$286,692
Equity Gap
$113,308
Loan Type
FHAAdjust Your Scenario
$20,000
$20,000$113,308
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.74% (FHA)
Blended Rate: 4.15%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,402/moAssumable @ 2.74% + gap loan
$1,886/moAssumed loan: $1,169/mo
Gap financing: $717/mo
$516less per month with the assumable
Your Savings on This Property
201 Rick, Fort Collins · 2.74% FHA vs 6.5% conventional
$516
per month
$6,186
per year
$185,589
over 30 years
$185,589
interest saved
How gap financing works: The equity gap ($113,308) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,000, 5% of purchase price) and a second mortgage for the rest ($93,308 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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