Loan Comparison: 3.31% vs 6.5%
3601 Myrtle, Evans, CO 80620 · 6bd/2ba · $315,320
List Price
$315,320
Assumable Rate
3.31%
Remaining Balance
$235,393
Equity Gap
$79,927
Loan Type
FHAAdjust Your Scenario
$15,766
$15,766$79,927
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.31% (FHA)
Blended Rate: 4.42%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,893/moAssumable @ 3.31% + gap loan
$1,526/moAssumed loan: $1,032/mo
Gap financing: $493/mo
$368less per month with the assumable
Your Savings on This Property
3601 Myrtle, Evans · 3.31% FHA vs 6.5% conventional
$368
per month
$4,414
per year
$132,419
over 30 years
$132,419
interest saved
How gap financing works: The equity gap ($79,927) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($15,766, 5% of purchase price) and a second mortgage for the rest ($64,161 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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