Loan Comparison: 3.47% vs 6.5%
6616 Lincoln Street, Centennial, CO 80121 · 4bd/4ba · $626,500
List Price
$626,500
Assumable Rate
3.47%
Remaining Balance
$255,442
Equity Gap
$371,058
Loan Type
FHAAdjust Your Scenario
$31,325
$31,325$371,058
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.47% (FHA)
Blended Rate: 5.77%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,762/moAssumable @ 3.47% + gap loan
$3,518/moAssumed loan: $1,143/mo
Gap financing: $2,375/mo
$244less per month with the assumable
Your Savings on This Property
6616 Lincoln Street, Centennial · 3.47% FHA vs 6.5% conventional
$244
per month
$2,924
per year
$87,722
over 30 years
$87,722
interest saved
How gap financing works: The equity gap ($371,058) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($31,325, 5% of purchase price) and a second mortgage for the rest ($339,733 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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