Loan Comparison: 3.01% vs 6.5%
3223 Newport Street, Denver, CO 80207 · 5bd/4ba · $470,000
List Price
$470,000
Assumable Rate
3.01%
Remaining Balance
$111,595
Equity Gap
$358,405
Loan Type
FHAAdjust Your Scenario
$23,500
$23,500$358,405
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.01% (FHA)
Blended Rate: 6.38%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,822/moAssumable @ 3.01% + gap loan
$2,813/moAssumed loan: $471/mo
Gap financing: $2,342/mo
$9less per month with the assumable
Your Savings on This Property
3223 Newport Street, Denver · 3.01% FHA vs 6.5% conventional
$9
per month
$113
per year
$3,380
over 30 years
$3,380
interest saved
How gap financing works: The equity gap ($358,405) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,500, 5% of purchase price) and a second mortgage for the rest ($334,905 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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