Loan Comparison: 3.6% vs 6.5%
9431 Lou Drive, Denver, CO 80260 · 3bd/2ba · $298,900
List Price
$298,900
Assumable Rate
3.6%
Remaining Balance
$194,262
Equity Gap
$104,638
Loan Type
FHAAdjust Your Scenario
$14,945
$14,945$104,638
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.6% (FHA)
Blended Rate: 4.83%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,795/moAssumable @ 3.6% + gap loan
$1,510/moAssumed loan: $883/mo
Gap financing: $627/mo
$284less per month with the assumable
Your Savings on This Property
9431 Lou Drive, Denver · 3.6% FHA vs 6.5% conventional
$284
per month
$3,413
per year
$102,398
over 30 years
$102,398
interest saved
How gap financing works: The equity gap ($104,638) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($14,945, 5% of purchase price) and a second mortgage for the rest ($89,693 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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