Loan Comparison: 2.88% vs 6.5%
3435 Franklin, Denver, CO 80205 · 4bd/2ba · $585,000
List Price
$585,000
Assumable Rate
2.88%
Remaining Balance
$507,662
Equity Gap
$76,235
Loan Type
FHAAdjust Your Scenario
$29,250
$29,250$76,235
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.88% (FHA)
Blended Rate: 3.36%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,513/moAssumable @ 2.88% + gap loan
$2,469/moAssumed loan: $2,108/mo
Gap financing: $361/mo
$1,044less per month with the assumable
Your Savings on This Property
3435 Franklin, Denver · 2.88% FHA vs 6.5% conventional
$1,044
per month
$12,526
per year
$375,781
over 30 years
$374,678
interest saved
How gap financing works: The equity gap ($76,235) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($29,250, 5% of purchase price) and a second mortgage for the rest ($46,985 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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