Loan Comparison: 3.02% vs 6.5%
3945 Evans, Denver, CO 80219 · 5bd/4ba · $639,000
List Price
$639,000
Assumable Rate
3.02%
Remaining Balance
$438,348
Equity Gap
$200,652
Loan Type
FHAAdjust Your Scenario
$31,950
$31,950$200,652
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.02% (FHA)
Blended Rate: 4.54%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,837/moAssumable @ 3.02% + gap loan
$3,150/moAssumed loan: $1,853/mo
Gap financing: $1,297/mo
$687less per month with the assumable
Your Savings on This Property
3945 Evans, Denver · 3.02% FHA vs 6.5% conventional
$687
per month
$8,244
per year
$247,310
over 30 years
$247,310
interest saved
How gap financing works: The equity gap ($200,652) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($31,950, 5% of purchase price) and a second mortgage for the rest ($168,702 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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