Loan Comparison: 2.87% vs 6.5%
1617 Daily, Erie, CO 80516 · 4bd/4ba · $575,000
List Price
$575,000
Assumable Rate
2.87%
Remaining Balance
$460,063
Equity Gap
$194,087
Loan Type
FHAAdjust Your Scenario
$28,750
$28,750$194,087
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.87% (FHA)
Blended Rate: 4.36%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,453/moAssumable @ 2.87% + gap loan
$3,179/moAssumed loan: $1,908/mo
Gap financing: $1,271/mo
$274less per month with the assumable
Your Savings on This Property
1617 Daily, Erie · 2.87% FHA vs 6.5% conventional
$274
per month
$3,286
per year
$98,581
over 30 years
$177,731
interest saved
How gap financing works: The equity gap ($194,087) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($28,750, 5% of purchase price) and a second mortgage for the rest ($165,337 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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