Loan Comparison: 2.81% vs 6.5%
412 10th, Fort Collins, CO 80524 · 3bd/2ba · $495,000
List Price
$495,000
Assumable Rate
2.81%
Remaining Balance
$307,757
Equity Gap
$187,243
Loan Type
FHAAdjust Your Scenario
$24,750
$24,750$187,243
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.81% (FHA)
Blended Rate: 4.78%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,972/moAssumable @ 2.81% + gap loan
$2,516/moAssumed loan: $1,266/mo
Gap financing: $1,249/mo
$457less per month with the assumable
Your Savings on This Property
412 10th, Fort Collins · 2.81% FHA vs 6.5% conventional
$457
per month
$5,480
per year
$164,403
over 30 years
$164,403
interest saved
How gap financing works: The equity gap ($187,243) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,750, 5% of purchase price) and a second mortgage for the rest ($162,493 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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