Loan Comparison: 3.02% vs 6.5%
881 Delta, Denver, CO 80221 · 5bd/3ba · $495,000
List Price
$495,000
Assumable Rate
3.02%
Remaining Balance
$315,164
Equity Gap
$179,835
Loan Type
FHAAdjust Your Scenario
$24,750
$24,750$179,835
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.02% (FHA)
Blended Rate: 4.83%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,972/moAssumable @ 3.02% + gap loan
$2,525/moAssumed loan: $1,332/mo
Gap financing: $1,192/mo
$448less per month with the assumable
Your Savings on This Property
881 Delta, Denver · 3.02% FHA vs 6.5% conventional
$448
per month
$5,372
per year
$161,166
over 30 years
$161,165
interest saved
How gap financing works: The equity gap ($179,835) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,750, 5% of purchase price) and a second mortgage for the rest ($155,085 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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