Loan Comparison: 4.66% vs 6.5%
5255 Memphis Street, Denver, CO 80239 · 3bd/2ba · $278,000
List Price
$278,000
Assumable Rate
4.66%
Remaining Balance
$192,722
Equity Gap
$85,278
Loan Type
FHAAdjust Your Scenario
$13,900
$13,900$85,278
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4.66% (FHA)
Blended Rate: 5.43%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,669/moAssumable @ 4.66% + gap loan
$1,494/moAssumed loan: $995/mo
Gap financing: $499/mo
$175less per month with the assumable
Your Savings on This Property
5255 Memphis Street, Denver · 4.66% FHA vs 6.5% conventional
$175
per month
$2,104
per year
$63,110
over 30 years
$63,110
interest saved
How gap financing works: The equity gap ($85,278) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($13,900, 5% of purchase price) and a second mortgage for the rest ($71,378 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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