Loan Comparison: 2.98% vs 6.5%
2703 Vallecito, Timnath, CO 80547 · 4bd/3ba · $720,000
List Price
$720,000
Assumable Rate
2.98%
Remaining Balance
$444,579
Equity Gap
$305,563
Loan Type
FHAAdjust Your Scenario
$36,000
$36,000$305,563
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (FHA)
Blended Rate: 5.06%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,323/moAssumable @ 2.98% + gap loan
$3,942/moAssumed loan: $1,870/mo
Gap financing: $2,073/mo
$381less per month with the assumable
Your Savings on This Property
2703 Vallecito, Timnath · 2.98% FHA vs 6.5% conventional
$381
per month
$4,573
per year
$137,185
over 30 years
$167,327
interest saved
How gap financing works: The equity gap ($305,563) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($36,000, 5% of purchase price) and a second mortgage for the rest ($269,563 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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