Loan Comparison: 4.07% vs 6.5%
461 Bonanza, Erie, CO 80516 · 3bd/3ba · $555,000
List Price
$555,000
Assumable Rate
4.07%
Remaining Balance
$313,963
Equity Gap
$276,037
Loan Type
FHAAdjust Your Scenario
$27,750
$27,750$276,037
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4.07% (FHA)
Blended Rate: 6.03%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,333/moAssumable @ 4.07% + gap loan
$3,421/moAssumed loan: $1,512/mo
Gap financing: $1,909/mo
Your Savings on This Property
461 Bonanza, Erie · 4.07% FHA vs 6.5% conventional
$0
per month
$0
per year
$0
over 30 years
$3,270
interest saved
How gap financing works: The equity gap ($276,037) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($27,750, 5% of purchase price) and a second mortgage for the rest ($248,287 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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