Loan Comparison: 2.84% vs 6.5%
703 Oneida Way, Denver, CO 80224 · 3bd/2ba · $849,900
List Price
$849,900
Assumable Rate
2.84%
Remaining Balance
$247,920
Equity Gap
$601,979
Loan Type
FHAAdjust Your Scenario
$42,495
$42,495$601,979
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.84% (FHA)
Blended Rate: 6.07%
Monthly Payment Comparison
New Conventional @ 6.5%
$5,103/moAssumable @ 2.84% + gap loan
$4,936/moAssumed loan: $1,024/mo
Gap financing: $3,912/mo
$167less per month with the assumable
Your Savings on This Property
703 Oneida Way, Denver · 2.84% FHA vs 6.5% conventional
$167
per month
$2,009
per year
$60,259
over 30 years
$60,258
interest saved
How gap financing works: The equity gap ($601,979) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($42,495, 5% of purchase price) and a second mortgage for the rest ($559,484 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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