Loan Comparison: 3.62% vs 6.5%
4685 Gill Place, Denver, CO 80219 · 2bd/1ba · $430,000
List Price
$430,000
Assumable Rate
3.62%
Remaining Balance
$317,788
Equity Gap
$112,212
Loan Type
FHAAdjust Your Scenario
$21,500
$21,500$112,212
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.62% (FHA)
Blended Rate: 4.48%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,582/moAssumable @ 3.62% + gap loan
$2,083/moAssumed loan: $1,448/mo
Gap financing: $634/mo
$499less per month with the assumable
Your Savings on This Property
4685 Gill Place, Denver · 3.62% FHA vs 6.5% conventional
$499
per month
$5,992
per year
$179,764
over 30 years
$179,764
interest saved
How gap financing works: The equity gap ($112,212) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,500, 5% of purchase price) and a second mortgage for the rest ($90,712 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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