Loan Comparison: 3.47% vs 6.5%
406 Washington Street, Denver, CO 80203 · 5bd/3ba · $410,000
List Price
$410,000
Assumable Rate
3.47%
Remaining Balance
$267,254
Equity Gap
$142,745
Loan Type
FHAAdjust Your Scenario
$20,500
$20,500$142,745
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.47% (FHA)
Blended Rate: 4.73%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,462/moAssumable @ 3.47% + gap loan
$2,050/moAssumed loan: $1,196/mo
Gap financing: $855/mo
$412less per month with the assumable
Your Savings on This Property
406 Washington Street, Denver · 3.47% FHA vs 6.5% conventional
$412
per month
$4,938
per year
$148,151
over 30 years
$148,150
interest saved
How gap financing works: The equity gap ($142,745) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,500, 5% of purchase price) and a second mortgage for the rest ($122,245 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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