Loan Comparison: 2.87% vs 6.5%
7478 Bentwater, Fountain, CO 80817 · 3bd/3ba · $375,000
List Price
$375,000
Assumable Rate
2.87%
Remaining Balance
$313,898
Equity Gap
$61,101
Loan Type
FHAAdjust Your Scenario
$18,750
$18,750$61,101
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.87% (FHA)
Blended Rate: 3.54%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,252/moAssumable @ 2.87% + gap loan
$1,627/moAssumed loan: $1,302/mo
Gap financing: $326/mo
$625less per month with the assumable
Your Savings on This Property
7478 Bentwater, Fountain · 2.87% FHA vs 6.5% conventional
$625
per month
$7,495
per year
$224,856
over 30 years
$224,855
interest saved
How gap financing works: The equity gap ($61,101) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,750, 5% of purchase price) and a second mortgage for the rest ($42,351 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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