Loan Comparison: 3.64% vs 6.5%
1570 Tamarac Street, Denver, CO 80220 · 1bd/1ba · $895,000
List Price
$895,000
Assumable Rate
3.64%
Remaining Balance
$606,061
Equity Gap
$288,939
Loan Type
FHAAdjust Your Scenario
$44,750
$44,750$288,939
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.64% (FHA)
Blended Rate: 4.75%
Monthly Payment Comparison
New Conventional @ 6.5%
$5,374/moAssumable @ 3.64% + gap loan
$4,476/moAssumed loan: $2,769/mo
Gap financing: $1,707/mo
$898less per month with the assumable
Your Savings on This Property
1570 Tamarac Street, Denver · 3.64% FHA vs 6.5% conventional
$898
per month
$10,772
per year
$323,167
over 30 years
$323,167
interest saved
How gap financing works: The equity gap ($288,939) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($44,750, 5% of purchase price) and a second mortgage for the rest ($244,189 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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