Loan Comparison: 7.18% vs 6.5%
18671 Mitchell Place, Denver, CO 80249 · 4bd/2ba · $445,000
List Price
$445,000
Assumable Rate
7.18%
Remaining Balance
$419,186
Equity Gap
$25,813
Loan Type
FHAAdjust Your Scenario
$22,250
$22,250$25,813
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 7.18% (FHA)
Blended Rate: 7.18%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,672/moAssumable @ 7.18% + gap loan
$2,865/moAssumed loan: $2,840/mo
Gap financing: $25/mo
Your Savings on This Property
18671 Mitchell Place, Denver · 7.18% 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 ($25,813) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,250, 5% of purchase price) and a second mortgage for the rest ($3,563 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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