Loan Comparison: 2.98% vs 6.5%
1885 Quebec, Denver, CO 80231 · 2bd/2ba · $320,000
List Price
$320,000
Assumable Rate
2.98%
Remaining Balance
$264,850
Equity Gap
$54,572
Loan Type
FHAAdjust Your Scenario
$16,000
$16,000$54,572
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (FHA)
Blended Rate: 3.68%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,921/moAssumable @ 2.98% + gap loan
$1,410/moAssumed loan: $1,114/mo
Gap financing: $297/mo
$511less per month with the assumable
Your Savings on This Property
1885 Quebec, Denver · 2.98% FHA vs 6.5% conventional
$511
per month
$6,134
per year
$184,010
over 30 years
$183,432
interest saved
How gap financing works: The equity gap ($54,572) 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 ($38,572 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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