Loan Comparison: 2.68% vs 6.5%
5042 Scranton Street, Denver, CO 80239 · 2bd/2ba · $440,000
List Price
$440,000
Assumable Rate
2.68%
Remaining Balance
$330,163
Equity Gap
$109,837
Loan Type
FHAAdjust Your Scenario
$22,000
$22,000$109,837
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.68% (FHA)
Blended Rate: 3.69%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,642/moAssumable @ 2.68% + gap loan
$1,950/moAssumed loan: $1,336/mo
Gap financing: $614/mo
$692less per month with the assumable
Your Savings on This Property
5042 Scranton Street, Denver · 2.68% FHA vs 6.5% conventional
$692
per month
$8,307
per year
$249,201
over 30 years
$249,201
interest saved
How gap financing works: The equity gap ($109,837) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,000, 5% of purchase price) and a second mortgage for the rest ($87,837 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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