Loan Comparison: 3.06% vs 6.5%
5255 Memphis, Denver, CO 80239 · 2bd/2ba · $280,000
List Price
$280,000
Assumable Rate
3.06%
Remaining Balance
$187,793
Equity Gap
$90,164
Loan Type
FHAAdjust Your Scenario
$14,000
$14,000$90,164
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.06% (FHA)
Blended Rate: 4.63%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,681/moAssumable @ 3.06% + gap loan
$1,383/moAssumed loan: $798/mo
Gap financing: $586/mo
$298less per month with the assumable
Your Savings on This Property
5255 Memphis, Denver · 3.06% FHA vs 6.5% conventional
$298
per month
$3,574
per year
$107,220
over 30 years
$105,177
interest saved
How gap financing works: The equity gap ($90,164) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($14,000, 5% of purchase price) and a second mortgage for the rest ($76,164 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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