Loan Comparison: 3.02% vs 6.5%
3983 Jericho, Denver, CO 80249 · 4bd/2ba · $445,000
List Price
$445,000
Assumable Rate
3.02%
Remaining Balance
$353,699
Equity Gap
$116,883
Loan Type
FHAAdjust Your Scenario
$22,250
$22,250$116,883
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.02% (FHA)
Blended Rate: 4.18%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,672/moAssumable @ 3.02% + gap loan
$2,223/moAssumed loan: $1,495/mo
Gap financing: $728/mo
$449less per month with the assumable
Your Savings on This Property
3983 Jericho, Denver · 3.02% FHA vs 6.5% conventional
$449
per month
$5,393
per year
$161,782
over 30 years
$187,364
interest saved
How gap financing works: The equity gap ($116,883) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,250, 5% of purchase price) and a second mortgage for the rest ($94,633 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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