Loan Comparison: 2.85% vs 6.5%
3318 Washington, Englewood, CO 80113 · 2bd/4ba · $600,000
List Price
$600,000
Assumable Rate
2.85%
Remaining Balance
$522,332
Equity Gap
$76,475
Loan Type
FHAAdjust Your Scenario
$30,000
$30,000$76,475
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.85% (FHA)
Blended Rate: 3.31%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,603/moAssumable @ 2.85% + gap loan
$2,517/moAssumed loan: $2,160/mo
Gap financing: $357/mo
$1,085less per month with the assumable
Your Savings on This Property
3318 Washington, Englewood · 2.85% FHA vs 6.5% conventional
$1,085
per month
$13,024
per year
$390,705
over 30 years
$389,512
interest saved
How gap financing works: The equity gap ($76,475) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($30,000, 5% of purchase price) and a second mortgage for the rest ($46,475 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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