Loan Comparison: 3.16% vs 6.5%
2427 Rainbow, Denver, CO 80229 · 2bd/1ba · $260,000
List Price
$260,000
Assumable Rate
3.16%
Remaining Balance
$183,089
Equity Gap
$76,910
Loan Type
FHAAdjust Your Scenario
$13,000
$13,000$76,910
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.16% (FHA)
Blended Rate: 4.54%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,561/moAssumable @ 3.16% + gap loan
$1,279/moAssumed loan: $788/mo
Gap financing: $491/mo
$282less per month with the assumable
Your Savings on This Property
2427 Rainbow, Denver · 3.16% FHA vs 6.5% conventional
$282
per month
$3,384
per year
$101,519
over 30 years
$101,518
interest saved
How gap financing works: The equity gap ($76,910) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($13,000, 5% of purchase price) and a second mortgage for the rest ($63,910 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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