Loan Comparison: 3.88% vs 6.5%
2626 Devonshire Court, Denver, CO 80229 · 2bd/2ba · $240,000
List Price
$240,000
Assumable Rate
3.88%
Remaining Balance
$159,902
Equity Gap
$80,098
Loan Type
FHAAdjust Your Scenario
$12,000
$12,000$80,098
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.88% (FHA)
Blended Rate: 4.96%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,441/moAssumable @ 3.88% + gap loan
$1,229/moAssumed loan: $752/mo
Gap financing: $476/mo
$213less per month with the assumable
Your Savings on This Property
2626 Devonshire Court, Denver · 3.88% FHA vs 6.5% conventional
$213
per month
$2,551
per year
$76,532
over 30 years
$76,532
interest saved
How gap financing works: The equity gap ($80,098) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($12,000, 5% of purchase price) and a second mortgage for the rest ($68,098 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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