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
$222,637
Equity Gap
$150,363
Loan Type
FHAAdjust Your Scenario
$18,650
$18,650$150,363
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.88% (FHA)
Blended Rate: 5.60%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,240/moAssumable @ 3.88% + gap loan
$2,060/moAssumed loan: $1,048/mo
Gap financing: $1,013/mo
$179less per month with the assumable
Your Savings on This Property
6495 Happy Canyon, Denver · 3.88% FHA vs 6.5% conventional
$179
per month
$2,153
per year
$64,590
over 30 years
$64,590
interest saved
How gap financing works: The equity gap ($150,363) 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 ($131,713 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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