Loan Comparison: 3.16% vs 6.5%
381 Ames Street, Denver, CO 80229 · 2bd/1ba · $190,000
List Price
$190,000
Assumable Rate
3.16%
Remaining Balance
$144,859
Equity Gap
$45,141
Loan Type
FHAAdjust Your Scenario
$9,500
$9,500$45,141
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.16% (FHA)
Blended Rate: 4.02%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,141/moAssumable @ 3.16% + gap loan
$873/moAssumed loan: $623/mo
Gap financing: $249/mo
$268less per month with the assumable
Your Savings on This Property
381 Ames Street, Denver · 3.16% FHA vs 6.5% conventional
$268
per month
$3,220
per year
$96,614
over 30 years
$96,614
interest saved
How gap financing works: The equity gap ($45,141) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($9,500, 5% of purchase price) and a second mortgage for the rest ($35,641 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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