Loan Comparison: 3.42% vs 6.5%
7755 Quincy Avenue, Denver, CO 80237 · 2bd/3ba · $265,000
List Price
$265,000
Assumable Rate
3.42%
Remaining Balance
$81,635
Equity Gap
$183,365
Loan Type
FHAAdjust Your Scenario
$13,250
$13,250$183,365
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.42% (FHA)
Blended Rate: 6.18%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,591/moAssumable @ 3.42% + gap loan
$1,552/moAssumed loan: $363/mo
Gap financing: $1,189/mo
$39less per month with the assumable
Your Savings on This Property
7755 Quincy Avenue, Denver · 3.42% FHA vs 6.5% conventional
$39
per month
$466
per year
$13,975
over 30 years
$13,975
interest saved
How gap financing works: The equity gap ($183,365) 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 ($170,115 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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