Loan Comparison: 2.77% vs 6.5%
828 Gilpin, Erie, CO 80516 · 5bd/3ba · $750,000
List Price
$750,000
Assumable Rate
2.77%
Remaining Balance
$424,342
Equity Gap
$325,658
Loan Type
FHAAdjust Your Scenario
$37,500
$37,500$325,658
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.77% (FHA)
Blended Rate: 5.09%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,503/moAssumable @ 2.77% + gap loan
$3,953/moAssumed loan: $1,737/mo
Gap financing: $2,216/mo
$551less per month with the assumable
Your Savings on This Property
828 Gilpin, Erie · 2.77% FHA vs 6.5% conventional
$551
per month
$6,612
per year
$198,346
over 30 years
$198,346
interest saved
How gap financing works: The equity gap ($325,658) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($37,500, 5% of purchase price) and a second mortgage for the rest ($288,158 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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