Loan Comparison: 2.74% vs 6.5%
201 Rick, Fort Collins, CO 80525 · 3bd/1ba · $415,000
List Price
$415,000
Assumable Rate
2.74%
Remaining Balance
$287,357
Equity Gap
$128,308
Loan Type
FHAAdjust Your Scenario
$20,750
$20,750$128,308
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.74% (FHA)
Blended Rate: 4.31%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,492/moAssumable @ 2.74% + gap loan
$1,999/moAssumed loan: $1,172/mo
Gap financing: $827/mo
$493less per month with the assumable
Your Savings on This Property
201 Rick, Fort Collins · 2.74% FHA vs 6.5% conventional
$493
per month
$5,920
per year
$177,592
over 30 years
$178,257
interest saved
How gap financing works: The equity gap ($128,308) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,750, 5% of purchase price) and a second mortgage for the rest ($107,558 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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