Loan Comparison: 2.81% vs 6.5%
12100 Melody, Denver, CO 80234 · 2bd/1ba · $198,000
List Price
$198,000
Assumable Rate
2.81%
Remaining Balance
$135,453
Equity Gap
$62,546
Loan Type
FHAAdjust Your Scenario
$9,900
$9,900$62,546
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.81% (FHA)
Blended Rate: 4.40%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,189/moAssumable @ 2.81% + gap loan
$962/moAssumed loan: $557/mo
Gap financing: $405/mo
$227less per month with the assumable
Your Savings on This Property
12100 Melody, Denver · 2.81% FHA vs 6.5% conventional
$227
per month
$2,722
per year
$81,658
over 30 years
$81,657
interest saved
How gap financing works: The equity gap ($62,546) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($9,900, 5% of purchase price) and a second mortgage for the rest ($52,646 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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