Loan Comparison: 3.02% vs 6.5%
328 Union, La Salle, CO 80645 · 2bd/1ba · $310,000
List Price
$310,000
Assumable Rate
3.02%
Remaining Balance
$242,680
Equity Gap
$90,320
Loan Type
FHAAdjust Your Scenario
$15,500
$15,500$90,320
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.02% (FHA)
Blended Rate: 4.31%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,861/moAssumable @ 3.02% + gap loan
$1,601/moAssumed loan: $1,026/mo
Gap financing: $575/mo
$260less per month with the assumable
Your Savings on This Property
328 Union, La Salle · 3.02% FHA vs 6.5% conventional
$260
per month
$3,124
per year
$93,734
over 30 years
$116,734
interest saved
How gap financing works: The equity gap ($90,320) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($15,500, 5% of purchase price) and a second mortgage for the rest ($74,820 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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