Loan Comparison: 2.96% vs 6.5%
1153 Alton, Denver, CO 80247 · 2bd/2ba · $340,000
List Price
$340,000
Assumable Rate
2.96%
Remaining Balance
$228,104
Equity Gap
$111,895
Loan Type
FHAAdjust Your Scenario
$17,000
$17,000$111,895
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (FHA)
Blended Rate: 4.59%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,042/moAssumable @ 2.96% + gap loan
$1,686/moAssumed loan: $957/mo
Gap financing: $730/mo
$355less per month with the assumable
Your Savings on This Property
1153 Alton, Denver · 2.96% FHA vs 6.5% conventional
$355
per month
$4,262
per year
$127,849
over 30 years
$127,848
interest saved
How gap financing works: The equity gap ($111,895) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,000, 5% of purchase price) and a second mortgage for the rest ($94,895 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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