Loan Comparison: 2.87% vs 6.5%
7860 Shoshone Street, Denver, CO 80202 · 1bd/1ba · $549,900
List Price
$549,900
Assumable Rate
2.87%
Remaining Balance
$398,712
Equity Gap
$151,188
Loan Type
FHAAdjust Your Scenario
$27,495
$27,495$151,188
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.87% (FHA)
Blended Rate: 3.97%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,302/moAssumable @ 2.87% + gap loan
$2,518/moAssumed loan: $1,653/mo
Gap financing: $865/mo
$784less per month with the assumable
Your Savings on This Property
7860 Shoshone Street, Denver · 2.87% FHA vs 6.5% conventional
$784
per month
$9,407
per year
$282,209
over 30 years
$282,209
interest saved
How gap financing works: The equity gap ($151,188) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($27,495, 5% of purchase price) and a second mortgage for the rest ($123,693 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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