Loan Comparison: 2.84% vs 6.5%
4350 Pennsylvania, Englewood, CO 80113 · 3bd/2ba · $585,000
List Price
$585,000
Assumable Rate
2.84%
Remaining Balance
$489,544
Equity Gap
$116,359
Loan Type
FHAAdjust Your Scenario
$29,250
$29,250$116,359
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.84% (FHA)
Blended Rate: 3.69%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,513/moAssumable @ 2.84% + gap loan
$2,692/moAssumed loan: $2,022/mo
Gap financing: $670/mo
$821less per month with the assumable
Your Savings on This Property
4350 Pennsylvania, Englewood · 2.84% FHA vs 6.5% conventional
$821
per month
$9,852
per year
$295,557
over 30 years
$316,460
interest saved
How gap financing works: The equity gap ($116,359) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($29,250, 5% of purchase price) and a second mortgage for the rest ($87,109 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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