Loan Comparison: 3.07% vs 6.5%
10735 Eliot, Denver, CO 80234 · 2bd/2ba · $425,000
List Price
$425,000
Assumable Rate
3.07%
Remaining Balance
$356,247
Equity Gap
$68,004
Loan Type
FHAAdjust Your Scenario
$21,250
$21,250$68,004
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.07% (FHA)
Blended Rate: 3.70%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,552/moAssumable @ 3.07% + gap loan
$1,875/moAssumed loan: $1,515/mo
Gap financing: $359/mo
$677less per month with the assumable
Your Savings on This Property
10735 Eliot, Denver · 3.07% FHA vs 6.5% conventional
$677
per month
$8,125
per year
$243,735
over 30 years
$242,986
interest saved
How gap financing works: The equity gap ($68,004) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,250, 5% of purchase price) and a second mortgage for the rest ($46,754 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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