Loan Comparison: 2.8% vs 6.5%
1772 Trenton Street, Denver, CO 80014 · 2bd/1ba · $265,000
List Price
$265,000
Assumable Rate
2.8%
Remaining Balance
$224,619
Equity Gap
$40,380
Loan Type
FHAAdjust Your Scenario
$13,250
$13,250$40,380
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.8% (FHA)
Blended Rate: 3.31%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,591/moAssumable @ 2.8% + gap loan
$1,113/moAssumed loan: $923/mo
Gap financing: $190/mo
$479less per month with the assumable
Your Savings on This Property
1772 Trenton Street, Denver · 2.8% FHA vs 6.5% conventional
$479
per month
$5,743
per year
$172,291
over 30 years
$172,290
interest saved
How gap financing works: The equity gap ($40,380) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($13,250, 5% of purchase price) and a second mortgage for the rest ($27,130 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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