Loan Comparison: 2.98% vs 6.5%
2705 Evans Avenue, Denver, CO 80210 · 4bd/3ba · $1,100,000
List Price
$1,100,000
Assumable Rate
2.98%
Remaining Balance
$345,466
Equity Gap
$754,534
Loan Type
FHAAdjust Your Scenario
$55,000
$55,000$754,534
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (FHA)
Blended Rate: 6.01%
Monthly Payment Comparison
New Conventional @ 6.5%
$6,605/moAssumable @ 2.98% + gap loan
$6,344/moAssumed loan: $1,453/mo
Gap financing: $4,891/mo
$261less per month with the assumable
Your Savings on This Property
2705 Evans Avenue, Denver · 2.98% FHA vs 6.5% conventional
$261
per month
$3,133
per year
$93,993
over 30 years
$93,993
interest saved
How gap financing works: The equity gap ($754,534) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($55,000, 5% of purchase price) and a second mortgage for the rest ($699,534 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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