Loan Comparison: 3.1% vs 6.5%
402 Washington Street, Denver, CO 80203 · 1bd/1ba · $385,000
List Price
$385,000
Assumable Rate
3.1%
Remaining Balance
$259,540
Equity Gap
$125,460
Loan Type
FHAAdjust Your Scenario
$19,250
$19,250$125,460
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.1% (FHA)
Blended Rate: 4.38%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,312/moAssumable @ 3.1% + gap loan
$1,851/moAssumed loan: $1,108/mo
Gap financing: $743/mo
$461less per month with the assumable
Your Savings on This Property
402 Washington Street, Denver · 3.1% FHA vs 6.5% conventional
$461
per month
$5,530
per year
$165,915
over 30 years
$165,915
interest saved
How gap financing works: The equity gap ($125,460) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,250, 5% of purchase price) and a second mortgage for the rest ($106,210 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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