Loan Comparison: 2.8% vs 6.5%
623 Winona Court, Denver, CO 80204 · 5bd/5ba · $375,000
List Price
$375,000
Assumable Rate
2.8%
Remaining Balance
$142,686
Equity Gap
$232,314
Loan Type
FHAAdjust Your Scenario
$18,750
$18,750$232,314
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.8% (FHA)
Blended Rate: 5.62%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,252/moAssumable @ 2.8% + gap loan
$2,080/moAssumed loan: $586/mo
Gap financing: $1,493/mo
$172less per month with the assumable
Your Savings on This Property
623 Winona Court, Denver · 2.8% FHA vs 6.5% conventional
$172
per month
$2,066
per year
$61,986
over 30 years
$61,986
interest saved
How gap financing works: The equity gap ($232,314) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,750, 5% of purchase price) and a second mortgage for the rest ($213,564 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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