Loan Comparison: 2.96% vs 6.5%
3851 Orleans, Denver, CO 80249 · 3bd/3ba · $429,750
List Price
$429,750
Assumable Rate
2.96%
Remaining Balance
$311,334
Equity Gap
$118,416
Loan Type
FHAAdjust Your Scenario
$21,488
$21,488$118,416
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (FHA)
Blended Rate: 4.28%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,580/moAssumable @ 2.96% + gap loan
$2,051/moAssumed loan: $1,306/mo
Gap financing: $745/mo
$529less per month with the assumable
Your Savings on This Property
3851 Orleans, Denver · 2.96% FHA vs 6.5% conventional
$529
per month
$6,352
per year
$190,553
over 30 years
$190,553
interest saved
How gap financing works: The equity gap ($118,416) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,488, 5% of purchase price) and a second mortgage for the rest ($96,928 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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