Loan Comparison: 3.02% vs 6.5%
3945 Evans, Denver, CO 80219 · 5bd/4ba · $649,500
List Price
$649,500
Assumable Rate
3.02%
Remaining Balance
$440,367
Equity Gap
$209,133
Loan Type
FHAAdjust Your Scenario
$32,475
$32,475$209,133
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.02% (FHA)
Blended Rate: 4.59%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,900/moAssumable @ 3.02% + gap loan
$3,220/moAssumed loan: $1,861/mo
Gap financing: $1,358/mo
$680less per month with the assumable
Your Savings on This Property
3945 Evans, Denver · 3.02% FHA vs 6.5% conventional
$680
per month
$8,164
per year
$244,912
over 30 years
$244,912
interest saved
How gap financing works: The equity gap ($209,133) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($32,475, 5% of purchase price) and a second mortgage for the rest ($176,658 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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