Loan Comparison: 2.86% vs 6.5%
5995 Iliff, Denver, CO 80222 · 2bd/1ba · $155,000
List Price
$155,000
Assumable Rate
2.86%
Remaining Balance
$122,221
Equity Gap
$32,779
Loan Type
FHAAdjust Your Scenario
$7,750
$7,750$32,779
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.86% (FHA)
Blended Rate: 3.82%
Monthly Payment Comparison
New Conventional @ 6.5%
$931/moAssumable @ 2.86% + gap loan
$699/moAssumed loan: $506/mo
Gap financing: $192/mo
$232less per month with the assumable
Your Savings on This Property
5995 Iliff, Denver · 2.86% FHA vs 6.5% conventional
$232
per month
$2,786
per year
$83,578
over 30 years
$83,578
interest saved
How gap financing works: The equity gap ($32,779) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($7,750, 5% of purchase price) and a second mortgage for the rest ($25,029 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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