Loan Comparison: 3% vs 6.5%
8806 Silver Glen, Fountain, CO 80817 · 3bd/2ba · $370,000
List Price
$370,000
Assumable Rate
3%
Remaining Balance
$319,596
Equity Gap
$86,496
Loan Type
FHAAdjust Your Scenario
$18,500
$18,500$86,496
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3% (FHA)
Blended Rate: 3.96%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,222/moAssumable @ 3% + gap loan
$1,870/moAssumed loan: $1,347/mo
Gap financing: $523/mo
$351less per month with the assumable
Your Savings on This Property
8806 Silver Glen, Fountain · 3% FHA vs 6.5% conventional
$351
per month
$4,218
per year
$126,525
over 30 years
$162,617
interest saved
How gap financing works: The equity gap ($86,496) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,500, 5% of purchase price) and a second mortgage for the rest ($67,996 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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