Loan Comparison: 3.45% vs 6.5%
422 6th, Denver, CO 80203 · 2bd/1ba · $400,000
List Price
$400,000
Assumable Rate
3.45%
Remaining Balance
$358,558
Equity Gap
$41,442
Loan Type
FHAAdjust Your Scenario
$20,000
$20,000$41,442
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.45% (FHA)
Blended Rate: 3.73%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,402/moAssumable @ 3.45% + gap loan
$1,765/moAssumed loan: $1,600/mo
Gap financing: $165/mo
$637less per month with the assumable
Your Savings on This Property
422 6th, Denver · 3.45% FHA vs 6.5% conventional
$637
per month
$7,643
per year
$229,282
over 30 years
$229,282
interest saved
How gap financing works: The equity gap ($41,442) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,000, 5% of purchase price) and a second mortgage for the rest ($21,442 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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