Loan Comparison: 2.81% vs 6.5%
6647 Pecos Street, Denver, CO 80221 · 4bd/2ba · $480,000
List Price
$480,000
Assumable Rate
2.81%
Remaining Balance
$376,975
Equity Gap
$103,024
Loan Type
FHAAdjust Your Scenario
$24,000
$24,000$103,024
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.81% (FHA)
Blended Rate: 3.62%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,882/moAssumable @ 2.81% + gap loan
$2,104/moAssumed loan: $1,551/mo
Gap financing: $553/mo
$779less per month with the assumable
Your Savings on This Property
6647 Pecos Street, Denver · 2.81% FHA vs 6.5% conventional
$779
per month
$9,345
per year
$280,335
over 30 years
$280,334
interest saved
How gap financing works: The equity gap ($103,024) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,000, 5% of purchase price) and a second mortgage for the rest ($79,024 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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