Loan Comparison: 3.16% vs 6.5%
5620 Fossil Creek, Fort Collins, CO 80525 · 1bd/1ba · $274,500
List Price
$274,500
Assumable Rate
3.16%
Remaining Balance
$155,640
Equity Gap
$119,560
Loan Type
FHAAdjust Your Scenario
$13,725
$13,725$119,560
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.16% (FHA)
Blended Rate: 5.32%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,648/moAssumable @ 3.16% + gap loan
$1,483/moAssumed loan: $670/mo
Gap financing: $814/mo
$165less per month with the assumable
Your Savings on This Property
5620 Fossil Creek, Fort Collins · 3.16% FHA vs 6.5% conventional
$165
per month
$1,978
per year
$59,330
over 30 years
$60,030
interest saved
How gap financing works: The equity gap ($119,560) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($13,725, 5% of purchase price) and a second mortgage for the rest ($105,835 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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