Loan Comparison: 3.15% vs 6.5%
1310 1st, Eaton, CO 80615 · 3bd/4ba · $475,000
List Price
$475,000
Assumable Rate
3.15%
Remaining Balance
$336,684
Equity Gap
$150,514
Loan Type
FHAAdjust Your Scenario
$23,750
$23,750$150,514
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.15% (FHA)
Blended Rate: 4.61%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,852/moAssumable @ 3.15% + gap loan
$2,422/moAssumed loan: $1,447/mo
Gap financing: $975/mo
$431less per month with the assumable
Your Savings on This Property
1310 1st, Eaton · 3.15% FHA vs 6.5% conventional
$431
per month
$5,168
per year
$155,033
over 30 years
$167,231
interest saved
How gap financing works: The equity gap ($150,514) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,750, 5% of purchase price) and a second mortgage for the rest ($126,764 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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