Loan Comparison: 3.45% vs 6.5%
241 6th, Frederick, CO 80530 · 2bd/1ba · $358,000
List Price
$358,000
Assumable Rate
3.45%
Remaining Balance
$242,243
Equity Gap
$115,757
Loan Type
FHAAdjust Your Scenario
$17,900
$17,900$115,757
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.45% (FHA)
Blended Rate: 4.90%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,150/moAssumable @ 3.45% + gap loan
$1,833/moAssumed loan: $1,081/mo
Gap financing: $752/mo
$316less per month with the assumable
Your Savings on This Property
241 6th, Frederick · 3.45% FHA vs 6.5% conventional
$316
per month
$3,794
per year
$113,831
over 30 years
$113,831
interest saved
How gap financing works: The equity gap ($115,757) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,900, 5% of purchase price) and a second mortgage for the rest ($97,857 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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