Loan Comparison: 3.62% vs 6.5%
729 Dinosaur, Erie, CO 80516 · 4bd/3ba · $755,000
List Price
$755,000
Assumable Rate
3.62%
Remaining Balance
$443,029
Equity Gap
$355,821
Loan Type
FHAAdjust Your Scenario
$37,750
$37,750$355,821
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.62% (FHA)
Blended Rate: 5.66%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,534/moAssumable @ 3.62% + gap loan
$4,465/moAssumed loan: $2,019/mo
Gap financing: $2,446/mo
$69less per month with the assumable
Your Savings on This Property
729 Dinosaur, Erie · 3.62% FHA vs 6.5% conventional
$69
per month
$823
per year
$24,705
over 30 years
$68,555
interest saved
How gap financing works: The equity gap ($355,821) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($37,750, 5% of purchase price) and a second mortgage for the rest ($318,071 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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