Loan Comparison: 2.94% vs 6.5%
8555 Fairmount, Denver, CO 80247 · 1bd/1ba · $160,000
List Price
$160,000
Assumable Rate
2.94%
Remaining Balance
$148,711
Equity Gap
$10,946
Loan Type
FHAAdjust Your Scenario
$8,000
$8,000$10,946
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.94% (FHA)
Blended Rate: 3.05%
Monthly Payment Comparison
New Conventional @ 6.5%
$961/moAssumable @ 2.94% + gap loan
$645/moAssumed loan: $622/mo
Gap financing: $23/mo
$316less per month with the assumable
Your Savings on This Property
8555 Fairmount, Denver · 2.94% FHA vs 6.5% conventional
$316
per month
$3,791
per year
$113,732
over 30 years
$113,389
interest saved
How gap financing works: The equity gap ($10,946) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($8,000, 5% of purchase price) and a second mortgage for the rest ($2,946 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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