Loan Comparison: 2.98% vs 6.5%
2657 Perry, Denver, CO 80212 · 1bd/1ba · $450,000
List Price
$450,000
Assumable Rate
2.98%
Remaining Balance
$363,019
Equity Gap
$100,160
Loan Type
FHAAdjust Your Scenario
$22,500
$22,500$100,160
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (FHA)
Blended Rate: 3.95%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,702/moAssumable @ 2.98% + gap loan
$2,124/moAssumed loan: $1,527/mo
Gap financing: $597/mo
$578less per month with the assumable
Your Savings on This Property
2657 Perry, Denver · 2.98% FHA vs 6.5% conventional
$578
per month
$6,940
per year
$208,211
over 30 years
$221,390
interest saved
How gap financing works: The equity gap ($100,160) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,500, 5% of purchase price) and a second mortgage for the rest ($77,660 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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