Loan Comparison: 2.96% vs 6.5%
1130 Pennsylvania, Denver, CO 80203 · 1bd/1ba · $200,000
List Price
$200,000
Assumable Rate
2.96%
Remaining Balance
$187,778
Equity Gap
$11,806
Loan Type
FHAAdjust Your Scenario
$10,000
$10,000$11,806
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (FHA)
Blended Rate: 3.01%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,201/moAssumable @ 2.96% + gap loan
$802/moAssumed loan: $788/mo
Gap financing: $14/mo
$399less per month with the assumable
Your Savings on This Property
1130 Pennsylvania, Denver · 2.96% FHA vs 6.5% conventional
$399
per month
$4,793
per year
$143,787
over 30 years
$143,371
interest saved
How gap financing works: The equity gap ($11,806) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($10,000, 5% of purchase price) and a second mortgage for the rest ($1,806 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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