Loan Comparison: 3.45% vs 6.5%
22991 Deer, Elbert, CO 80106 · 5bd/3ba · $850,000
List Price
$850,000
Assumable Rate
3.45%
Remaining Balance
$444,654
Equity Gap
$405,346
Loan Type
FHAAdjust Your Scenario
$42,500
$42,500$405,346
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.45% (FHA)
Blended Rate: 5.72%
Monthly Payment Comparison
New Conventional @ 6.5%
$5,104/moAssumable @ 3.45% + gap loan
$4,774/moAssumed loan: $1,984/mo
Gap financing: $2,790/mo
$330less per month with the assumable
Your Savings on This Property
22991 Deer, Elbert · 3.45% FHA vs 6.5% conventional
$330
per month
$3,956
per year
$118,682
over 30 years
$118,682
interest saved
How gap financing works: The equity gap ($405,346) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($42,500, 5% of purchase price) and a second mortgage for the rest ($362,846 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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