Loan Comparison: 3.06% vs 6.5%
5255 Memphis, Denver, CO 80239 · 2bd/2ba · $295,000
List Price
$295,000
Assumable Rate
3.06%
Remaining Balance
$188,204
Equity Gap
$105,164
Loan Type
FHAAdjust Your Scenario
$14,750
$14,750$105,164
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.06% (FHA)
Blended Rate: 4.83%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,771/moAssumable @ 3.06% + gap loan
$1,495/moAssumed loan: $800/mo
Gap financing: $695/mo
$277less per month with the assumable
Your Savings on This Property
5255 Memphis, Denver · 3.06% FHA vs 6.5% conventional
$277
per month
$3,319
per year
$99,571
over 30 years
$97,939
interest saved
How gap financing works: The equity gap ($105,164) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($14,750, 5% of purchase price) and a second mortgage for the rest ($90,414 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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