Loan Comparison: 2.83% vs 6.5%
12124 Melody, Denver, CO 80234 · 2bd/2ba · $195,000
List Price
$195,000
Assumable Rate
2.83%
Remaining Balance
$158,646
Equity Gap
$35,245
Loan Type
FHAAdjust Your Scenario
$9,750
$9,750$35,245
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.83% (FHA)
Blended Rate: 3.62%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,171/moAssumable @ 2.83% + gap loan
$850/moAssumed loan: $654/mo
Gap financing: $196/mo
$320less per month with the assumable
Your Savings on This Property
12124 Melody, Denver · 2.83% FHA vs 6.5% conventional
$320
per month
$3,846
per year
$115,370
over 30 years
$114,261
interest saved
How gap financing works: The equity gap ($35,245) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($9,750, 5% of purchase price) and a second mortgage for the rest ($25,495 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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