Loan Comparison: 3.17% vs 6.5%
7370 Florida Avenue, Denver, CO 80231 · 3bd/2ba · $369,000
List Price
$369,000
Assumable Rate
3.17%
Remaining Balance
$335,644
Equity Gap
$33,356
Loan Type
FHAAdjust Your Scenario
$18,450
$18,450$33,356
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.17% (FHA)
Blended Rate: 3.35%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,216/moAssumable @ 3.17% + gap loan
$1,550/moAssumed loan: $1,446/mo
Gap financing: $104/mo
$665less per month with the assumable
Your Savings on This Property
7370 Florida Avenue, Denver · 3.17% FHA vs 6.5% conventional
$665
per month
$7,985
per year
$239,559
over 30 years
$239,559
interest saved
How gap financing works: The equity gap ($33,356) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,450, 5% of purchase price) and a second mortgage for the rest ($14,906 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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