Loan Comparison: 3.62% vs 6.5%
4374 Galapago, Englewood, CO 80110 · 4bd/2ba · $580,000
List Price
$580,000
Assumable Rate
3.62%
Remaining Balance
$390,719
Equity Gap
$187,582
Loan Type
FHAAdjust Your Scenario
$29,000
$29,000$187,582
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.62% (FHA)
Blended Rate: 5.03%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,483/moAssumable @ 3.62% + gap loan
$3,000/moAssumed loan: $1,781/mo
Gap financing: $1,219/mo
$483less per month with the assumable
Your Savings on This Property
4374 Galapago, Englewood · 3.62% FHA vs 6.5% conventional
$483
per month
$5,791
per year
$173,720
over 30 years
$172,021
interest saved
How gap financing works: The equity gap ($187,582) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($29,000, 5% of purchase price) and a second mortgage for the rest ($158,582 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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