Loan Comparison: 2.83% vs 6.5%
213 Versailles, Lochbuie, CO 80603 · 4bd/2ba · $375,000
List Price
$375,000
Assumable Rate
2.83%
Remaining Balance
$257,537
Equity Gap
$117,462
Loan Type
FHAAdjust Your Scenario
$18,750
$18,750$117,462
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.83% (FHA)
Blended Rate: 4.40%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,252/moAssumable @ 2.83% + gap loan
$1,821/moAssumed loan: $1,062/mo
Gap financing: $759/mo
$430less per month with the assumable
Your Savings on This Property
213 Versailles, Lochbuie · 2.83% FHA vs 6.5% conventional
$430
per month
$5,165
per year
$154,950
over 30 years
$154,949
interest saved
How gap financing works: The equity gap ($117,462) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,750, 5% of purchase price) and a second mortgage for the rest ($98,712 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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