Loan Comparison: 6.64% vs 6.5%
3612 Spruce Street, Denver, CO 80237 · 2bd/3ba · $730,000
List Price
$730,000
Assumable Rate
6.64%
Remaining Balance
$558,180
Equity Gap
$171,819
Loan Type
FHAAdjust Your Scenario
$36,500
$36,500$171,819
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.64% (FHA)
Blended Rate: 6.81%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,383/moAssumable @ 6.64% + gap loan
$4,526/moAssumed loan: $3,580/mo
Gap financing: $946/mo
Your Savings on This Property
3612 Spruce Street, Denver · 6.64% FHA vs 6.5% conventional
$0
per month
$0
per year
$0
over 30 years
$0
interest saved
How gap financing works: The equity gap ($171,819) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($36,500, 5% of purchase price) and a second mortgage for the rest ($135,319 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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