Loan Comparison: 2.98% vs 6.5%
1885 Quebec, Denver, CO 80231 · 2bd/2ba · $308,000
List Price
$308,000
Assumable Rate
2.98%
Remaining Balance
$264,271
Equity Gap
$42,572
Loan Type
FHAAdjust Your Scenario
$15,400
$15,400$42,572
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (FHA)
Blended Rate: 3.49%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,849/moAssumable @ 2.98% + gap loan
$1,320/moAssumed loan: $1,111/mo
Gap financing: $209/mo
$529less per month with the assumable
Your Savings on This Property
1885 Quebec, Denver · 2.98% FHA vs 6.5% conventional
$529
per month
$6,350
per year
$190,502
over 30 years
$189,345
interest saved
How gap financing works: The equity gap ($42,572) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($15,400, 5% of purchase price) and a second mortgage for the rest ($27,172 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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