Loan Comparison: 3.16% vs 6.5%
2427 Rainbow Drive, Denver, CO 80229 · 3bd/2ba · $260,000
List Price
$260,000
Assumable Rate
3.16%
Remaining Balance
$182,670
Equity Gap
$77,330
Loan Type
FHAAdjust Your Scenario
$13,000
$13,000$77,330
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.16% (FHA)
Blended Rate: 4.29%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,561/moAssumable @ 3.16% + gap loan
$1,236/moAssumed loan: $786/mo
Gap financing: $450/mo
$325less per month with the assumable
Your Savings on This Property
2427 Rainbow Drive, Denver · 3.16% FHA vs 6.5% conventional
$325
per month
$3,905
per year
$117,147
over 30 years
$117,147
interest saved
How gap financing works: The equity gap ($77,330) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($13,000, 5% of purchase price) and a second mortgage for the rest ($64,330 at 7.5%). 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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