Loan Comparison: 3.56% vs 6.5%
3621 Pontiac Street, Denver, CO 80207 · 2bd/1ba · $415,000
List Price
$415,000
Assumable Rate
3.56%
Remaining Balance
$70,539
Equity Gap
$344,461
Loan Type
FHAAdjust Your Scenario
$20,750
$20,750$344,461
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.56% (FHA)
Blended Rate: 6.80%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,492/moAssumable @ 3.56% + gap loan
$2,583/moAssumed loan: $319/mo
Gap financing: $2,263/mo
Your Savings on This Property
3621 Pontiac Street, Denver · 3.56% 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 ($344,461) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,750, 5% of purchase price) and a second mortgage for the rest ($323,711 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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