Loan Comparison: 3.88% vs 6.5%
6495 Happy Canyon, Denver, CO 80237 · 3bd/2ba · $359,000
List Price
$359,000
Assumable Rate
3.88%
Remaining Balance
$222,086
Equity Gap
$133,096
Loan Type
FHAAdjust Your Scenario
$17,950
$17,950$133,096
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.88% (FHA)
Blended Rate: 5.46%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,156/moAssumable @ 3.88% + gap loan
$1,930/moAssumed loan: $1,045/mo
Gap financing: $885/mo
$225less per month with the assumable
Your Savings on This Property
6495 Happy Canyon, Denver · 3.88% FHA vs 6.5% conventional
$225
per month
$2,704
per year
$81,118
over 30 years
$77,300
interest saved
How gap financing works: The equity gap ($133,096) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,950, 5% of purchase price) and a second mortgage for the rest ($115,146 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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