Loan Comparison: 2.99% vs 6.5%
2940 54, Denver, CO 80221 · 3bd/1ba · $390,000
List Price
$390,000
Assumable Rate
2.99%
Remaining Balance
$283,023
Equity Gap
$106,977
Loan Type
FHAAdjust Your Scenario
$19,500
$19,500$106,977
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.99% (FHA)
Blended Rate: 4.29%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,342/moAssumable @ 2.99% + gap loan
$1,864/moAssumed loan: $1,192/mo
Gap financing: $673/mo
$477less per month with the assumable
Your Savings on This Property
2940 54, Denver · 2.99% FHA vs 6.5% conventional
$477
per month
$5,730
per year
$171,892
over 30 years
$171,892
interest saved
How gap financing works: The equity gap ($106,977) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,500, 5% of purchase price) and a second mortgage for the rest ($87,477 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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