Loan Comparison: 3.62% vs 6.5%
10 Ollie, Woodland Park, CO 80863 · 4bd/2ba · $525,000
List Price
$525,000
Assumable Rate
3.62%
Remaining Balance
$251,458
Equity Gap
$273,542
Loan Type
FHAAdjust Your Scenario
$26,250
$26,250$273,542
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.62% (FHA)
Blended Rate: 6.04%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,152/moAssumable @ 3.62% + gap loan
$3,048/moAssumed loan: $1,146/mo
Gap financing: $1,901/mo
$105less per month with the assumable
Your Savings on This Property
10 Ollie, Woodland Park · 3.62% FHA vs 6.5% conventional
$105
per month
$1,259
per year
$37,767
over 30 years
$37,767
interest saved
How gap financing works: The equity gap ($273,542) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($26,250, 5% of purchase price) and a second mortgage for the rest ($247,292 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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