Loan Comparison: 2.96% vs 6.5%
2343 Downing Street, Denver, CO 80205 · 4bd/5ba · $470,000
List Price
$470,000
Assumable Rate
2.96%
Remaining Balance
$371,046
Equity Gap
$98,954
Loan Type
FHAAdjust Your Scenario
$23,500
$23,500$98,954
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (FHA)
Blended Rate: 3.73%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,822/moAssumable @ 2.96% + gap loan
$2,084/moAssumed loan: $1,556/mo
Gap financing: $528/mo
$738less per month with the assumable
Your Savings on This Property
2343 Downing Street, Denver · 2.96% FHA vs 6.5% conventional
$738
per month
$8,859
per year
$265,769
over 30 years
$265,769
interest saved
How gap financing works: The equity gap ($98,954) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,500, 5% of purchase price) and a second mortgage for the rest ($75,454 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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