Loan Comparison: 3.7% vs 6.5%
809 Buffalo, Elizabeth, CO 80107 · 3bd/3ba · $747,500
List Price
$747,500
Assumable Rate
3.7%
Remaining Balance
$630,588
Equity Gap
$122,417
Loan Type
FHAAdjust Your Scenario
$37,375
$37,375$122,417
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.7% (FHA)
Blended Rate: 4.27%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,488/moAssumable @ 3.7% + gap loan
$3,556/moAssumed loan: $2,902/mo
Gap financing: $654/mo
$932less per month with the assumable
Your Savings on This Property
809 Buffalo, Elizabeth · 3.7% FHA vs 6.5% conventional
$932
per month
$11,185
per year
$335,550
over 30 years
$341,055
interest saved
How gap financing works: The equity gap ($122,417) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($37,375, 5% of purchase price) and a second mortgage for the rest ($85,042 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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