Loan Comparison: 2.84% vs 6.5%
655 Alton Way, Denver, CO 80247 · 4bd/3ba · $184,900
List Price
$184,900
Assumable Rate
2.84%
Remaining Balance
$134,643
Equity Gap
$50,257
Loan Type
FHAAdjust Your Scenario
$9,245
$9,245$50,257
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.84% (FHA)
Blended Rate: 3.93%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,110/moAssumable @ 2.84% + gap loan
$843/moAssumed loan: $556/mo
Gap financing: $287/mo
$267less per month with the assumable
Your Savings on This Property
655 Alton Way, Denver · 2.84% FHA vs 6.5% conventional
$267
per month
$3,209
per year
$96,260
over 30 years
$96,260
interest saved
How gap financing works: The equity gap ($50,257) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($9,245, 5% of purchase price) and a second mortgage for the rest ($41,012 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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