Loan Comparison: 2.96% vs 6.5%
1058 Raleigh, Denver, CO 80219 · 3bd/1ba · $390,000
List Price
$390,000
Assumable Rate
2.96%
Remaining Balance
$312,450
Equity Gap
$77,550
Loan Type
FHAAdjust Your Scenario
$19,500
$19,500$77,550
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (FHA)
Blended Rate: 3.83%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,342/moAssumable @ 2.96% + gap loan
$1,757/moAssumed loan: $1,311/mo
Gap financing: $446/mo
$585less per month with the assumable
Your Savings on This Property
1058 Raleigh, Denver · 2.96% FHA vs 6.5% conventional
$585
per month
$7,019
per year
$210,559
over 30 years
$210,559
interest saved
How gap financing works: The equity gap ($77,550) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,500, 5% of purchase price) and a second mortgage for the rest ($58,050 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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