Loan Comparison: 2.81% vs 6.5%
12100 Melody Drive, Denver, CO 80234 · 4bd/2ba · $180,000
List Price
$180,000
Assumable Rate
2.81%
Remaining Balance
$133,901
Equity Gap
$46,098
Loan Type
FHAAdjust Your Scenario
$9,000
$9,000$46,098
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.81% (FHA)
Blended Rate: 3.83%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,081/moAssumable @ 2.81% + gap loan
$810/moAssumed loan: $551/mo
Gap financing: $259/mo
$271less per month with the assumable
Your Savings on This Property
12100 Melody Drive, Denver · 2.81% FHA vs 6.5% conventional
$271
per month
$3,246
per year
$97,394
over 30 years
$97,393
interest saved
How gap financing works: The equity gap ($46,098) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($9,000, 5% of purchase price) and a second mortgage for the rest ($37,098 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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