Loan Comparison: 2.84% vs 6.5%
4135 Delaware Street, Englewood, CO 80110 · 1bd/1ba · $525,000
List Price
$525,000
Assumable Rate
2.84%
Remaining Balance
$408,660
Equity Gap
$116,340
Loan Type
FHAAdjust Your Scenario
$26,250
$26,250$116,340
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.84% (FHA)
Blended Rate: 3.68%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,152/moAssumable @ 2.84% + gap loan
$2,318/moAssumed loan: $1,688/mo
Gap financing: $630/mo
$835less per month with the assumable
Your Savings on This Property
4135 Delaware Street, Englewood · 2.84% FHA vs 6.5% conventional
$835
per month
$10,016
per year
$300,475
over 30 years
$300,475
interest saved
How gap financing works: The equity gap ($116,340) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($26,250, 5% of purchase price) and a second mortgage for the rest ($90,090 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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