Loan Comparison: 3.31% vs 6.5%
3601 Myrtle, Evans, CO 80620 · 6bd/2ba · $350,000
List Price
$350,000
Assumable Rate
3.31%
Remaining Balance
$249,679
Equity Gap
$114,607
Loan Type
FHAAdjust Your Scenario
$17,500
$17,500$114,607
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.31% (FHA)
Blended Rate: 4.76%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,102/moAssumable @ 3.31% + gap loan
$1,842/moAssumed loan: $1,095/mo
Gap financing: $747/mo
$260less per month with the assumable
Your Savings on This Property
3601 Myrtle, Evans · 3.31% FHA vs 6.5% conventional
$260
per month
$3,121
per year
$93,636
over 30 years
$107,922
interest saved
How gap financing works: The equity gap ($114,607) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,500, 5% of purchase price) and a second mortgage for the rest ($97,107 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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