Loan Comparison: 2.94% vs 6.5%
7895 Martin Luther King, Denver, CO 80238 · 3bd/3ba · $315,530
List Price
$315,530
Assumable Rate
2.94%
Remaining Balance
$220,553
Equity Gap
$94,465
Loan Type
FHAAdjust Your Scenario
$15,777
$15,777$94,465
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.94% (FHA)
Blended Rate: 4.40%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,895/moAssumable @ 2.94% + gap loan
$1,528/moAssumed loan: $923/mo
Gap financing: $605/mo
$367less per month with the assumable
Your Savings on This Property
7895 Martin Luther King, Denver · 2.94% FHA vs 6.5% conventional
$367
per month
$4,402
per year
$132,071
over 30 years
$131,559
interest saved
How gap financing works: The equity gap ($94,465) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($15,777, 5% of purchase price) and a second mortgage for the rest ($78,688 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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