Loan Comparison: 3.62% vs 6.5%
6736 Grove Street, Denver, CO 80221 · 2bd/1ba · $365,000
List Price
$365,000
Assumable Rate
3.62%
Remaining Balance
$259,727
Equity Gap
$105,273
Loan Type
FHAAdjust Your Scenario
$18,250
$18,250$105,273
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.62% (FHA)
Blended Rate: 4.59%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,192/moAssumable @ 3.62% + gap loan
$1,792/moAssumed loan: $1,184/mo
Gap financing: $608/mo
$399less per month with the assumable
Your Savings on This Property
6736 Grove Street, Denver · 3.62% FHA vs 6.5% conventional
$399
per month
$4,794
per year
$143,806
over 30 years
$143,806
interest saved
How gap financing works: The equity gap ($105,273) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,250, 5% of purchase price) and a second mortgage for the rest ($87,023 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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