Loan Comparison: 2.98% vs 6.5%
8282 Navajo Street, Denver, CO 80218 · 1bd/1ba · $515,000
List Price
$515,000
Assumable Rate
2.98%
Remaining Balance
$426,594
Equity Gap
$88,405
Loan Type
FHAAdjust Your Scenario
$25,750
$25,750$88,405
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (FHA)
Blended Rate: 3.56%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,092/moAssumable @ 2.98% + gap loan
$2,232/moAssumed loan: $1,794/mo
Gap financing: $438/mo
$860less per month with the assumable
Your Savings on This Property
8282 Navajo Street, Denver · 2.98% FHA vs 6.5% conventional
$860
per month
$10,324
per year
$309,730
over 30 years
$309,729
interest saved
How gap financing works: The equity gap ($88,405) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($25,750, 5% of purchase price) and a second mortgage for the rest ($62,655 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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