Loan Comparison: 3% vs 6.5%
6707 Mariposa Court, Denver, CO 80221 · 2bd/2ba · $685,000
List Price
$685,000
Assumable Rate
3%
Remaining Balance
$482,432
Equity Gap
$202,568
Loan Type
FHAAdjust Your Scenario
$34,250
$34,250$202,568
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3% (FHA)
Blended Rate: 4.16%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,113/moAssumable @ 3% + gap loan
$3,211/moAssumed loan: $2,034/mo
Gap financing: $1,177/mo
$902less per month with the assumable
Your Savings on This Property
6707 Mariposa Court, Denver · 3% FHA vs 6.5% conventional
$902
per month
$10,828
per year
$324,837
over 30 years
$324,837
interest saved
How gap financing works: The equity gap ($202,568) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($34,250, 5% of purchase price) and a second mortgage for the rest ($168,318 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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