Loan Comparison: 6.76% vs 6.5%
980 Benton Street, Denver, CO 80214 · 6bd/3ba · $699,000
List Price
$699,000
Assumable Rate
6.76%
Remaining Balance
$176,215
Equity Gap
$522,784
Loan Type
FHAAdjust Your Scenario
$34,950
$34,950$522,784
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.76% (FHA)
Blended Rate: 7.30%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,197/moAssumable @ 6.76% + gap loan
$4,555/moAssumed loan: $1,144/mo
Gap financing: $3,411/mo
Your Savings on This Property
980 Benton Street, Denver · 6.76% 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 ($522,784) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($34,950, 5% of purchase price) and a second mortgage for the rest ($487,834 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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