Loan Comparison: 6.2% vs 6.5%
1296 Umatilla Street, Denver, CO 80223 · 2bd/2ba · $360,000
List Price
$360,000
Assumable Rate
6.2%
Remaining Balance
$11,684
Equity Gap
$348,316
Loan Type
FHAAdjust Your Scenario
$18,000
$18,000$348,316
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.2% (FHA)
Blended Rate: 7.46%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,162/moAssumable @ 6.2% + gap loan
$2,381/moAssumed loan: $72/mo
Gap financing: $2,310/mo
Your Savings on This Property
1296 Umatilla Street, Denver · 6.2% 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 ($348,316) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,000, 5% of purchase price) and a second mortgage for the rest ($330,316 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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