Loan Comparison: 2.94% vs 6.5%
3392 Exposition, Denver, CO 80219 · 2bd/1ba · $320,000
List Price
$320,000
Assumable Rate
2.94%
Remaining Balance
$253,728
Equity Gap
$65,095
Loan Type
FHAAdjust Your Scenario
$16,000
$16,000$65,095
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.94% (FHA)
Blended Rate: 3.84%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,921/moAssumable @ 2.94% + gap loan
$1,439/moAssumed loan: $1,062/mo
Gap financing: $377/mo
$482less per month with the assumable
Your Savings on This Property
3392 Exposition, Denver · 2.94% FHA vs 6.5% conventional
$482
per month
$5,789
per year
$173,684
over 30 years
$172,507
interest saved
How gap financing works: The equity gap ($65,095) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($16,000, 5% of purchase price) and a second mortgage for the rest ($49,095 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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