Loan Comparison: 3.13% vs 6.5%
14451 Andrews Drive, Denver, CO 80239 · 1bd/1ba · $430,000
List Price
$430,000
Assumable Rate
3.13%
Remaining Balance
$309,969
Equity Gap
$120,031
Loan Type
FHAAdjust Your Scenario
$21,500
$21,500$120,031
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.13% (FHA)
Blended Rate: 4.18%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,582/moAssumable @ 3.13% + gap loan
$2,018/moAssumed loan: $1,329/mo
Gap financing: $689/mo
$564less per month with the assumable
Your Savings on This Property
14451 Andrews Drive, Denver · 3.13% FHA vs 6.5% conventional
$564
per month
$6,773
per year
$203,177
over 30 years
$203,177
interest saved
How gap financing works: The equity gap ($120,031) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,500, 5% of purchase price) and a second mortgage for the rest ($98,531 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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