Loan Comparison: 2.89% vs 6.5%
3181 Dakota, Denver, CO 80219 · 2bd/1ba · $390,000
List Price
$390,000
Assumable Rate
2.89%
Remaining Balance
$237,494
Equity Gap
$152,506
Loan Type
FHAAdjust Your Scenario
$19,500
$19,500$152,506
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.89% (FHA)
Blended Rate: 4.90%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,342/moAssumable @ 2.89% + gap loan
$2,010/moAssumed loan: $987/mo
Gap financing: $1,023/mo
$332less per month with the assumable
Your Savings on This Property
3181 Dakota, Denver · 2.89% FHA vs 6.5% conventional
$332
per month
$3,982
per year
$119,470
over 30 years
$119,470
interest saved
How gap financing works: The equity gap ($152,506) 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 ($133,006 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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