Loan Comparison: 3% vs 6.5%
558 Elm Street, Denver, CO 80246 · 4bd/2ba · $625,000
List Price
$625,000
Assumable Rate
3%
Remaining Balance
$523,775
Equity Gap
$101,224
Loan Type
FHAAdjust Your Scenario
$31,250
$31,250$101,224
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3% (FHA)
Blended Rate: 3.53%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,753/moAssumable @ 3% + gap loan
$2,698/moAssumed loan: $2,208/mo
Gap financing: $489/mo
$1,055less per month with the assumable
Your Savings on This Property
558 Elm Street, Denver · 3% FHA vs 6.5% conventional
$1,055
per month
$12,665
per year
$379,936
over 30 years
$379,935
interest saved
How gap financing works: The equity gap ($101,224) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($31,250, 5% of purchase price) and a second mortgage for the rest ($69,974 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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