Loan Comparison: 2.93% vs 6.5%
8242 55th Place, Denver, CO 80238 · 4bd/3ba · $787,000
List Price
$787,000
Assumable Rate
2.93%
Remaining Balance
$497,292
Equity Gap
$289,707
Loan Type
FHAAdjust Your Scenario
$39,350
$39,350$289,707
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.93% (FHA)
Blended Rate: 4.46%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,726/moAssumable @ 2.93% + gap loan
$3,828/moAssumed loan: $2,078/mo
Gap financing: $1,751/mo
$897less per month with the assumable
Your Savings on This Property
8242 55th Place, Denver · 2.93% FHA vs 6.5% conventional
$897
per month
$10,767
per year
$323,009
over 30 years
$323,008
interest saved
How gap financing works: The equity gap ($289,707) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($39,350, 5% of purchase price) and a second mortgage for the rest ($250,357 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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