Loan Comparison: 2.98% vs 6.5%
2705 Evans, Denver, CO 80210 · 11bd/5ba · $1,150,000
List Price
$1,150,000
Assumable Rate
2.98%
Remaining Balance
$180,755
Equity Gap
$802,226
Loan Type
FHAAdjust Your Scenario
$57,500
$57,500$802,226
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (FHA)
Blended Rate: 7.42%
Monthly Payment Comparison
New Conventional @ 6.5%
$6,905/moAssumable @ 2.98% + gap loan
$6,486/moAssumed loan: $760/mo
Gap financing: $5,726/mo
$419less per month with the assumable
Your Savings on This Property
2705 Evans, Denver · 2.98% FHA vs 6.5% conventional
$419
per month
$5,027
per year
$150,812
over 30 years
$0
interest saved
How gap financing works: The equity gap ($802,226) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($57,500, 5% of purchase price) and a second mortgage for the rest ($744,726 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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