Loan Comparison: 6.11% vs 6.5%
5303 Elkhart, Denver, CO 80239 · 4bd/2ba · $465,000
List Price
$465,000
Assumable Rate
6.11%
Remaining Balance
$376,833
Equity Gap
$88,167
Loan Type
FHAAdjust Your Scenario
$23,250
$23,250$88,167
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.11% (FHA)
Blended Rate: 6.31%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,792/moAssumable @ 6.11% + gap loan
$2,740/moAssumed loan: $2,286/mo
Gap financing: $454/mo
$52less per month with the assumable
Your Savings on This Property
5303 Elkhart, Denver · 6.11% FHA vs 6.5% conventional
$52
per month
$627
per year
$18,802
over 30 years
$18,802
interest saved
How gap financing works: The equity gap ($88,167) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,250, 5% of purchase price) and a second mortgage for the rest ($64,917 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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