Loan Comparison: 3.62% vs 6.5%
4374 Galapago, Englewood, CO 80110 · 4bd/2ba · $595,000
List Price
$595,000
Assumable Rate
3.62%
Remaining Balance
$393,264
Equity Gap
$202,582
Loan Type
FHAAdjust Your Scenario
$29,750
$29,750$202,582
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.62% (FHA)
Blended Rate: 5.11%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,573/moAssumable @ 3.62% + gap loan
$3,121/moAssumed loan: $1,792/mo
Gap financing: $1,329/mo
$451less per month with the assumable
Your Savings on This Property
4374 Galapago, Englewood · 3.62% FHA vs 6.5% conventional
$451
per month
$5,417
per year
$162,524
over 30 years
$163,370
interest saved
How gap financing works: The equity gap ($202,582) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($29,750, 5% of purchase price) and a second mortgage for the rest ($172,832 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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