Loan Comparison: 2.86% vs 6.5%
8555 Fairmount Drive, Denver, CO 80113 · 2bd/4ba · $160,000
List Price
$160,000
Assumable Rate
2.86%
Remaining Balance
$141,399
Equity Gap
$18,600
Loan Type
FHAAdjust Your Scenario
$8,000
$8,000$18,600
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.86% (FHA)
Blended Rate: 3.18%
Monthly Payment Comparison
New Conventional @ 6.5%
$961/moAssumable @ 2.86% + gap loan
$660/moAssumed loan: $586/mo
Gap financing: $74/mo
$301less per month with the assumable
Your Savings on This Property
8555 Fairmount Drive, Denver · 2.86% FHA vs 6.5% conventional
$301
per month
$3,613
per year
$108,398
over 30 years
$108,397
interest saved
How gap financing works: The equity gap ($18,600) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($8,000, 5% of purchase price) and a second mortgage for the rest ($10,600 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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