Loan Comparison: 2.9% vs 6.5%
295 Gila, Ault, CO 80610 · 2bd/2ba · $395,000
List Price
$395,000
Assumable Rate
2.9%
Remaining Balance
$271,129
Equity Gap
$124,470
Loan Type
FHAAdjust Your Scenario
$19,750
$19,750$124,470
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.9% (FHA)
Blended Rate: 4.46%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,372/moAssumable @ 2.9% + gap loan
$1,934/moAssumed loan: $1,129/mo
Gap financing: $805/mo
$438less per month with the assumable
Your Savings on This Property
295 Gila, Ault · 2.9% FHA vs 6.5% conventional
$438
per month
$5,257
per year
$157,719
over 30 years
$158,318
interest saved
How gap financing works: The equity gap ($124,470) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,750, 5% of purchase price) and a second mortgage for the rest ($104,720 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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