Loan Comparison: 3% vs 6.5%
1020 15th, Denver, CO 80202 · 0bd/1ba · $230,000
List Price
$230,000
Assumable Rate
3%
Remaining Balance
$210,892
Equity Gap
$18,663
Loan Type
FHAAdjust Your Scenario
$11,500
$11,500$18,663
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3% (FHA)
Blended Rate: 3.18%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,381/moAssumable @ 3% + gap loan
$944/moAssumed loan: $889/mo
Gap financing: $55/mo
$437less per month with the assumable
Your Savings on This Property
1020 15th, Denver · 3% FHA vs 6.5% conventional
$437
per month
$5,242
per year
$157,270
over 30 years
$156,825
interest saved
How gap financing works: The equity gap ($18,663) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($11,500, 5% of purchase price) and a second mortgage for the rest ($7,163 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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