Loan Comparison: 2.86% vs 6.5%
5995 Iliff, Denver, CO 80222 · 2bd/1ba · $145,500
List Price
$145,500
Assumable Rate
2.86%
Remaining Balance
$121,935
Equity Gap
$23,279
Loan Type
FHAAdjust Your Scenario
$7,275
$7,275$23,279
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.86% (FHA)
Blended Rate: 3.51%
Monthly Payment Comparison
New Conventional @ 6.5%
$874/moAssumable @ 2.86% + gap loan
$628/moAssumed loan: $505/mo
Gap financing: $123/mo
$246less per month with the assumable
Your Savings on This Property
5995 Iliff, Denver · 2.86% FHA vs 6.5% conventional
$246
per month
$2,948
per year
$88,451
over 30 years
$88,165
interest saved
How gap financing works: The equity gap ($23,279) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($7,275, 5% of purchase price) and a second mortgage for the rest ($16,004 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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