Loan Comparison: 3.02% vs 6.5%
1110 Quitman, Denver, CO 80219 · 2bd/1ba · $410,000
List Price
$410,000
Assumable Rate
3.02%
Remaining Balance
$309,812
Equity Gap
$112,104
Loan Type
FHAAdjust Your Scenario
$20,500
$20,500$112,104
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.02% (FHA)
Blended Rate: 4.27%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,462/moAssumable @ 3.02% + gap loan
$2,014/moAssumed loan: $1,310/mo
Gap financing: $704/mo
$448less per month with the assumable
Your Savings on This Property
1110 Quitman, Denver · 3.02% FHA vs 6.5% conventional
$448
per month
$5,376
per year
$161,289
over 30 years
$173,205
interest saved
How gap financing works: The equity gap ($112,104) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,500, 5% of purchase price) and a second mortgage for the rest ($91,604 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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