Loan Comparison: 2.96% vs 6.5%
1070 Elm Place, Denver, CO 80229 · 3bd/1ba · $389,000
List Price
$389,000
Assumable Rate
2.96%
Remaining Balance
$328,769
Equity Gap
$60,230
Loan Type
FHAAdjust Your Scenario
$19,450
$19,450$60,230
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (FHA)
Blended Rate: 3.46%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,336/moAssumable @ 2.96% + gap loan
$1,664/moAssumed loan: $1,379/mo
Gap financing: $285/mo
$672less per month with the assumable
Your Savings on This Property
1070 Elm Place, Denver · 2.96% FHA vs 6.5% conventional
$672
per month
$8,060
per year
$241,793
over 30 years
$241,792
interest saved
How gap financing works: The equity gap ($60,230) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,450, 5% of purchase price) and a second mortgage for the rest ($40,780 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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