Loan Comparison: 2.68% vs 6.5%
1446 Elmwood, Denver, CO 80221 · 3bd/2ba · $525,000
List Price
$525,000
Assumable Rate
2.68%
Remaining Balance
$359,286
Equity Gap
$165,714
Loan Type
FHAAdjust Your Scenario
$26,250
$26,250$165,714
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.68% (FHA)
Blended Rate: 4.31%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,152/moAssumable @ 2.68% + gap loan
$2,526/moAssumed loan: $1,453/mo
Gap financing: $1,072/mo
$627less per month with the assumable
Your Savings on This Property
1446 Elmwood, Denver · 2.68% FHA vs 6.5% conventional
$627
per month
$7,519
per year
$225,582
over 30 years
$225,582
interest saved
How gap financing works: The equity gap ($165,714) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($26,250, 5% of purchase price) and a second mortgage for the rest ($139,464 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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