Loan Comparison: 3% vs 6.5%
4252 Logan, Englewood, CO 80113 · 4bd/2ba · $595,000
List Price
$595,000
Assumable Rate
3%
Remaining Balance
$485,576
Equity Gap
$108,343
Loan Type
FHAAdjust Your Scenario
$29,750
$29,750$108,343
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3% (FHA)
Blended Rate: 3.77%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,573/moAssumable @ 3% + gap loan
$2,652/moAssumed loan: $2,047/mo
Gap financing: $604/mo
$921less per month with the assumable
Your Savings on This Property
4252 Logan, Englewood · 3% FHA vs 6.5% conventional
$921
per month
$11,055
per year
$331,648
over 30 years
$330,567
interest saved
How gap financing works: The equity gap ($108,343) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($29,750, 5% of purchase price) and a second mortgage for the rest ($78,593 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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