Loan Comparison: 3.01% vs 6.5%
1325 Elder Street, Denver, CO 80221 · 3bd/4ba · $399,900
List Price
$399,900
Assumable Rate
3.01%
Remaining Balance
$354,998
Equity Gap
$44,902
Loan Type
FHAAdjust Your Scenario
$19,995
$19,995$44,902
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.01% (FHA)
Blended Rate: 3.30%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,401/moAssumable @ 3.01% + gap loan
$1,673/moAssumed loan: $1,499/mo
Gap financing: $174/mo
$729less per month with the assumable
Your Savings on This Property
1325 Elder Street, Denver · 3.01% FHA vs 6.5% conventional
$729
per month
$8,742
per year
$262,261
over 30 years
$262,261
interest saved
How gap financing works: The equity gap ($44,902) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,995, 5% of purchase price) and a second mortgage for the rest ($24,907 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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