Loan Comparison: 2.98% vs 6.5%
114 1st, La Salle, CO 80645 · 4bd/2ba · $365,000
List Price
$365,000
Assumable Rate
2.98%
Remaining Balance
$310,184
Equity Gap
$56,168
Loan Type
FHAAdjust Your Scenario
$18,250
$18,250$56,168
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (FHA)
Blended Rate: 3.58%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,192/moAssumable @ 2.98% + gap loan
$1,596/moAssumed loan: $1,304/mo
Gap financing: $292/mo
$596less per month with the assumable
Your Savings on This Property
114 1st, La Salle · 2.98% FHA vs 6.5% conventional
$596
per month
$7,149
per year
$214,464
over 30 years
$215,816
interest saved
How gap financing works: The equity gap ($56,168) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,250, 5% of purchase price) and a second mortgage for the rest ($37,918 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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