Loan Comparison: 2.84% vs 6.5%
924 Milo, Lafayette, CO 80026 · 3bd/3ba · $400,000
List Price
$400,000
Assumable Rate
2.84%
Remaining Balance
$363,998
Equity Gap
$52,327
Loan Type
FHAAdjust Your Scenario
$20,000
$20,000$52,327
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.84% (FHA)
Blended Rate: 3.30%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,402/moAssumable @ 2.84% + gap loan
$1,752/moAssumed loan: $1,503/mo
Gap financing: $249/mo
$650less per month with the assumable
Your Savings on This Property
924 Milo, Lafayette · 2.84% FHA vs 6.5% conventional
$650
per month
$7,799
per year
$233,961
over 30 years
$250,286
interest saved
How gap financing works: The equity gap ($52,327) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,000, 5% of purchase price) and a second mortgage for the rest ($32,327 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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