Loan Comparison: 1% vs 6.5%
2642 Devonshire Court, Denver, CO 80229 · 3bd/3ba · $265,000
List Price
$265,000
Assumable Rate
1%
Remaining Balance
$175,352
Equity Gap
$89,647
Loan Type
FHAAdjust Your Scenario
$13,250
$13,250$89,647
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 1% (FHA)
Blended Rate: 2.97%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,591/moAssumable @ 1% + gap loan
$1,098/moAssumed loan: $564/mo
Gap financing: $534/mo
$493less per month with the assumable
Your Savings on This Property
2642 Devonshire Court, Denver · 1% FHA vs 6.5% conventional
$493
per month
$5,917
per year
$177,498
over 30 years
$177,497
interest saved
How gap financing works: The equity gap ($89,647) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($13,250, 5% of purchase price) and a second mortgage for the rest ($76,397 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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