Loan Comparison: 3.31% vs 6.5%
8356 Mitze, Denver, CO 80221 · 4bd/2ba · $490,000
List Price
$490,000
Assumable Rate
3.31%
Remaining Balance
$338,437
Equity Gap
$151,563
Loan Type
FHAAdjust Your Scenario
$24,500
$24,500$151,563
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.31% (FHA)
Blended Rate: 4.73%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,942/moAssumable @ 3.31% + gap loan
$2,461/moAssumed loan: $1,484/mo
Gap financing: $977/mo
$481less per month with the assumable
Your Savings on This Property
8356 Mitze, Denver · 3.31% FHA vs 6.5% conventional
$481
per month
$5,774
per year
$173,234
over 30 years
$173,234
interest saved
How gap financing works: The equity gap ($151,563) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,500, 5% of purchase price) and a second mortgage for the rest ($127,063 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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