Loan Comparison: 2.98% vs 6.5%
114 1st, La Salle, CO 80645 · 4bd/2ba · $345,000
List Price
$345,000
Assumable Rate
2.98%
Remaining Balance
$308,832
Equity Gap
$36,168
Loan Type
FHAAdjust Your Scenario
$17,250
$17,250$36,168
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (FHA)
Blended Rate: 3.30%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,072/moAssumable @ 2.98% + gap loan
$1,444/moAssumed loan: $1,299/mo
Gap financing: $145/mo
$627less per month with the assumable
Your Savings on This Property
114 1st, La Salle · 2.98% FHA vs 6.5% conventional
$627
per month
$7,529
per year
$225,871
over 30 years
$225,871
interest saved
How gap financing works: The equity gap ($36,168) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,250, 5% of purchase price) and a second mortgage for the rest ($18,918 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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