Loan Comparison: 3.51% vs 6.5%
465 Cody Drive, Denver, CO 80226 · 2bd/2ba · $649,000
List Price
$649,000
Assumable Rate
3.51%
Remaining Balance
$613,340
Equity Gap
$35,660
Loan Type
FHAAdjust Your Scenario
$32,450
$32,450$35,660
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.51% (FHA)
Blended Rate: 3.53%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,897/moAssumable @ 3.51% + gap loan
$2,780/moAssumed loan: $2,758/mo
Gap financing: $22/mo
$1,117less per month with the assumable
Your Savings on This Property
465 Cody Drive, Denver · 3.51% FHA vs 6.5% conventional
$1,117
per month
$13,404
per year
$402,111
over 30 years
$402,111
interest saved
How gap financing works: The equity gap ($35,660) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($32,450, 5% of purchase price) and a second mortgage for the rest ($3,210 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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