Loan Comparison: 3.55% vs 6.5%
195 Briggs, Erie, CO 80516 · 2bd/2ba · $879,999
List Price
$879,999
Assumable Rate
3.55%
Remaining Balance
$147,580
Equity Gap
$757,419
Loan Type
FHAAdjust Your Scenario
$44,000
$44,000$757,419
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.55% (FHA)
Blended Rate: 7.65%
Monthly Payment Comparison
New Conventional @ 6.5%
$5,284/moAssumable @ 3.55% + gap loan
$6,152/moAssumed loan: $667/mo
Gap financing: $5,486/mo
Your Savings on This Property
195 Briggs, Erie · 3.55% FHA vs 6.5% conventional
$0
per month
$0
per year
$0
over 30 years
$0
interest saved
How gap financing works: The equity gap ($757,419) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($44,000, 5% of purchase price) and a second mortgage for the rest ($713,419 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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