Loan Comparison: 2.96% vs 6.5%
6517 Cathay Street, Denver, CO 80249 · 3bd/3ba · $410,000
List Price
$410,000
Assumable Rate
2.96%
Remaining Balance
$311,046
Equity Gap
$98,953
Loan Type
FHAAdjust Your Scenario
$20,500
$20,500$98,953
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (FHA)
Blended Rate: 3.87%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,462/moAssumable @ 2.96% + gap loan
$1,853/moAssumed loan: $1,305/mo
Gap financing: $549/mo
$609less per month with the assumable
Your Savings on This Property
6517 Cathay Street, Denver · 2.96% FHA vs 6.5% conventional
$609
per month
$7,304
per year
$219,121
over 30 years
$219,120
interest saved
How gap financing works: The equity gap ($98,953) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,500, 5% of purchase price) and a second mortgage for the rest ($78,453 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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