Loan Comparison: 2.83% vs 6.5%
4840 Kentucky, Denver, CO 80246 · 2bd/1ba · $281,000
List Price
$281,000
Assumable Rate
2.83%
Remaining Balance
$211,488
Equity Gap
$69,512
Loan Type
FHAAdjust Your Scenario
$14,050
$14,050$69,512
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.83% (FHA)
Blended Rate: 4.01%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,687/moAssumable @ 2.83% + gap loan
$1,299/moAssumed loan: $872/mo
Gap financing: $426/mo
$388less per month with the assumable
Your Savings on This Property
4840 Kentucky, Denver · 2.83% FHA vs 6.5% conventional
$388
per month
$4,662
per year
$139,853
over 30 years
$139,853
interest saved
How gap financing works: The equity gap ($69,512) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($14,050, 5% of purchase price) and a second mortgage for the rest ($55,462 at 8.5%). 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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