Loan Comparison: 3.88% vs 6.5%
6495 Happy Canyon, Denver, CO 80237 · 3bd/2ba · $373,000
List Price
$373,000
Assumable Rate
3.88%
Remaining Balance
$223,185
Equity Gap
$147,096
Loan Type
FHAAdjust Your Scenario
$18,650
$18,650$147,096
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.88% (FHA)
Blended Rate: 5.57%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,240/moAssumable @ 3.88% + gap loan
$2,038/moAssumed loan: $1,050/mo
Gap financing: $988/mo
$202less per month with the assumable
Your Savings on This Property
6495 Happy Canyon, Denver · 3.88% FHA vs 6.5% conventional
$202
per month
$2,423
per year
$72,705
over 30 years
$69,986
interest saved
How gap financing works: The equity gap ($147,096) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,650, 5% of purchase price) and a second mortgage for the rest ($128,446 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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