Loan Comparison: 2.87% vs 6.5%
1780 Sherrelwood Drive, Denver, CO 80221 · 1bd/1ba · $500,000
List Price
$500,000
Assumable Rate
2.87%
Remaining Balance
$384,928
Equity Gap
$115,071
Loan Type
FHAAdjust Your Scenario
$25,000
$25,000$115,071
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.87% (FHA)
Blended Rate: 3.75%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,002/moAssumable @ 2.87% + gap loan
$2,226/moAssumed loan: $1,596/mo
Gap financing: $630/mo
$777less per month with the assumable
Your Savings on This Property
1780 Sherrelwood Drive, Denver · 2.87% FHA vs 6.5% conventional
$777
per month
$9,318
per year
$279,549
over 30 years
$279,548
interest saved
How gap financing works: The equity gap ($115,071) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($25,000, 5% of purchase price) and a second mortgage for the rest ($90,071 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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