Loan Comparison: 2.87% vs 6.5%
3642 Ronald Reagan, Wellington, CO 80549 · 3bd/3ba · $379,500
List Price
$379,500
Assumable Rate
2.87%
Remaining Balance
$323,193
Equity Gap
$56,307
Loan Type
FHAAdjust Your Scenario
$18,975
$18,975$56,307
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.87% (FHA)
Blended Rate: 3.45%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,279/moAssumable @ 2.87% + gap loan
$1,627/moAssumed loan: $1,340/mo
Gap financing: $287/mo
$652less per month with the assumable
Your Savings on This Property
3642 Ronald Reagan, Wellington · 2.87% FHA vs 6.5% conventional
$652
per month
$7,820
per year
$234,602
over 30 years
$234,602
interest saved
How gap financing works: The equity gap ($56,307) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,975, 5% of purchase price) and a second mortgage for the rest ($37,332 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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