Loan Comparison: 3.62% vs 6.5%
4503 Granger, Wellington, CO 80549 · 4bd/3ba · $590,000
List Price
$590,000
Assumable Rate
3.62%
Remaining Balance
$308,037
Equity Gap
$282,643
Loan Type
FHAAdjust Your Scenario
$29,500
$29,500$282,643
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.62% (FHA)
Blended Rate: 5.82%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,543/moAssumable @ 3.62% + gap loan
$3,350/moAssumed loan: $1,404/mo
Gap financing: $1,946/mo
$192less per month with the assumable
Your Savings on This Property
4503 Granger, Wellington · 3.62% FHA vs 6.5% conventional
$192
per month
$2,308
per year
$69,246
over 30 years
$69,926
interest saved
How gap financing works: The equity gap ($282,643) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($29,500, 5% of purchase price) and a second mortgage for the rest ($253,143 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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