Loan Comparison: 3.07% vs 6.5%
8391 Garfield, Denver, CO 80229 · 3bd/2ba · $360,000
List Price
$360,000
Assumable Rate
3.07%
Remaining Balance
$306,548
Equity Gap
$65,867
Loan Type
FHAAdjust Your Scenario
$18,000
$18,000$65,867
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.07% (FHA)
Blended Rate: 3.80%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,162/moAssumable @ 3.07% + gap loan
$1,672/moAssumed loan: $1,304/mo
Gap financing: $368/mo
$490less per month with the assumable
Your Savings on This Property
8391 Garfield, Denver · 3.07% FHA vs 6.5% conventional
$490
per month
$5,875
per year
$176,255
over 30 years
$188,670
interest saved
How gap financing works: The equity gap ($65,867) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,000, 5% of purchase price) and a second mortgage for the rest ($47,867 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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