Loan Comparison: 2.81% vs 6.5%
20000 Mitchell Place, Denver, CO 80012 · 2bd/1ba · $400,000
List Price
$400,000
Assumable Rate
2.81%
Remaining Balance
$340,437
Equity Gap
$59,563
Loan Type
FHAAdjust Your Scenario
$20,000
$20,000$59,563
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.81% (FHA)
Blended Rate: 3.30%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,402/moAssumable @ 2.81% + gap loan
$1,677/moAssumed loan: $1,401/mo
Gap financing: $277/mo
$725less per month with the assumable
Your Savings on This Property
20000 Mitchell Place, Denver · 2.81% FHA vs 6.5% conventional
$725
per month
$8,695
per year
$260,849
over 30 years
$260,849
interest saved
How gap financing works: The equity gap ($59,563) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,000, 5% of purchase price) and a second mortgage for the rest ($39,563 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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