Loan Comparison: 3.31% vs 6.5%
577 Alton Way, Denver, CO 80230 · 3bd/2ba · $213,423
List Price
$213,423
Assumable Rate
3.31%
Remaining Balance
$165,083
Equity Gap
$48,340
Loan Type
FHAAdjust Your Scenario
$10,671
$10,671$48,340
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.31% (FHA)
Blended Rate: 4.09%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,282/moAssumable @ 3.31% + gap loan
$987/moAssumed loan: $724/mo
Gap financing: $263/mo
$294less per month with the assumable
Your Savings on This Property
577 Alton Way, Denver · 3.31% FHA vs 6.5% conventional
$294
per month
$3,531
per year
$105,928
over 30 years
$105,928
interest saved
How gap financing works: The equity gap ($48,340) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($10,671, 5% of purchase price) and a second mortgage for the rest ($37,669 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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