Loan Comparison: 3.31% vs 6.5%
8356 Mitze Drive, Denver, CO 80221 · 2bd/1ba · $449,999
List Price
$449,999
Assumable Rate
3.31%
Remaining Balance
$336,900
Equity Gap
$113,098
Loan Type
FHAAdjust Your Scenario
$22,500
$22,500$113,098
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.31% (FHA)
Blended Rate: 4.20%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,702/moAssumable @ 3.31% + gap loan
$2,111/moAssumed loan: $1,477/mo
Gap financing: $633/mo
$591less per month with the assumable
Your Savings on This Property
8356 Mitze Drive, Denver · 3.31% FHA vs 6.5% conventional
$591
per month
$7,095
per year
$212,862
over 30 years
$212,861
interest saved
How gap financing works: The equity gap ($113,098) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,500, 5% of purchase price) and a second mortgage for the rest ($90,598 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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