Loan Comparison: 2.96% vs 6.5%
11835 Lincoln Street, Denver, CO 80233 · 4bd/3ba · $480,000
List Price
$480,000
Assumable Rate
2.96%
Remaining Balance
$401,268
Equity Gap
$78,732
Loan Type
FHAAdjust Your Scenario
$24,000
$24,000$78,732
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (FHA)
Blended Rate: 3.50%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,882/moAssumable @ 2.96% + gap loan
$2,066/moAssumed loan: $1,683/mo
Gap financing: $383/mo
$816less per month with the assumable
Your Savings on This Property
11835 Lincoln Street, Denver · 2.96% FHA vs 6.5% conventional
$816
per month
$9,797
per year
$293,911
over 30 years
$293,911
interest saved
How gap financing works: The equity gap ($78,732) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,000, 5% of purchase price) and a second mortgage for the rest ($54,732 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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