Loan Comparison: 5.23% vs 6.5%
300 Lincoln Street, Denver, CO 80209 · 4bd/1ba · $625,000
List Price
$625,000
Assumable Rate
5.23%
Remaining Balance
$548,397
Equity Gap
$76,602
Loan Type
FHAAdjust Your Scenario
$31,250
$31,250$76,602
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.23% (FHA)
Blended Rate: 5.40%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,753/moAssumable @ 5.23% + gap loan
$3,339/moAssumed loan: $3,021/mo
Gap financing: $317/mo
$414less per month with the assumable
Your Savings on This Property
300 Lincoln Street, Denver · 5.23% FHA vs 6.5% conventional
$414
per month
$4,972
per year
$149,154
over 30 years
$149,153
interest saved
How gap financing works: The equity gap ($76,602) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($31,250, 5% of purchase price) and a second mortgage for the rest ($45,352 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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