Loan Comparison: 2.87% vs 6.5%
2929 Quail, Evans, CO 80620 · 4bd/2ba · $410,000
List Price
$410,000
Assumable Rate
2.87%
Remaining Balance
$248,508
Equity Gap
$162,049
Loan Type
FHAAdjust Your Scenario
$20,500
$20,500$162,049
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.87% (FHA)
Blended Rate: 4.91%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,462/moAssumable @ 2.87% + gap loan
$2,119/moAssumed loan: $1,030/mo
Gap financing: $1,088/mo
$343less per month with the assumable
Your Savings on This Property
2929 Quail, Evans · 2.87% FHA vs 6.5% conventional
$343
per month
$4,118
per year
$123,530
over 30 years
$124,087
interest saved
How gap financing works: The equity gap ($162,049) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,500, 5% of purchase price) and a second mortgage for the rest ($141,549 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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