Loan Comparison: 2.98% vs 6.5%
2797 Benton, Denver, CO 80227 · 5bd/3ba · $645,000
List Price
$645,000
Assumable Rate
2.98%
Remaining Balance
$409,360
Equity Gap
$234,746
Loan Type
FHAAdjust Your Scenario
$32,250
$32,250$234,746
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (FHA)
Blended Rate: 4.81%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,873/moAssumable @ 2.98% + gap loan
$3,278/moAssumed loan: $1,721/mo
Gap financing: $1,557/mo
$595less per month with the assumable
Your Savings on This Property
2797 Benton, Denver · 2.98% FHA vs 6.5% conventional
$595
per month
$7,134
per year
$214,024
over 30 years
$213,130
interest saved
How gap financing works: The equity gap ($234,746) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($32,250, 5% of purchase price) and a second mortgage for the rest ($202,496 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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