Loan Comparison: 2.8% vs 6.5%
10970 Florida Avenue, Denver, CO 80232 · 4bd/1ba · $270,000
List Price
$270,000
Assumable Rate
2.8%
Remaining Balance
$217,324
Equity Gap
$52,676
Loan Type
FHAAdjust Your Scenario
$13,500
$13,500$52,676
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.8% (FHA)
Blended Rate: 3.52%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,621/moAssumable @ 2.8% + gap loan
$1,167/moAssumed loan: $893/mo
Gap financing: $274/mo
$454less per month with the assumable
Your Savings on This Property
10970 Florida Avenue, Denver · 2.8% FHA vs 6.5% conventional
$454
per month
$5,452
per year
$163,569
over 30 years
$163,569
interest saved
How gap financing works: The equity gap ($52,676) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($13,500, 5% of purchase price) and a second mortgage for the rest ($39,176 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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