Loan Comparison: 2.98% vs 6.5%
1301 Wolff, Denver, CO 80219 · 3bd/1ba · $475,000
List Price
$475,000
Assumable Rate
2.98%
Remaining Balance
$353,301
Equity Gap
$165,720
Loan Type
FHAAdjust Your Scenario
$23,750
$23,750$165,720
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (FHA)
Blended Rate: 4.56%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,852/moAssumable @ 2.98% + gap loan
$2,577/moAssumed loan: $1,486/mo
Gap financing: $1,092/mo
$275less per month with the assumable
Your Savings on This Property
1301 Wolff, Denver · 2.98% FHA vs 6.5% conventional
$275
per month
$3,298
per year
$98,949
over 30 years
$142,970
interest saved
How gap financing works: The equity gap ($165,720) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,750, 5% of purchase price) and a second mortgage for the rest ($141,970 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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