Loan Comparison: 2.96% vs 6.5%
11835 Lincoln, Denver, CO 80233 · 3bd/2ba · $510,000
List Price
$510,000
Assumable Rate
2.96%
Remaining Balance
$403,071
Equity Gap
$106,031
Loan Type
FHAAdjust Your Scenario
$25,500
$25,500$106,031
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (FHA)
Blended Rate: 3.88%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,062/moAssumable @ 2.96% + gap loan
$2,310/moAssumed loan: $1,691/mo
Gap financing: $619/mo
$752less per month with the assumable
Your Savings on This Property
11835 Lincoln, Denver · 2.96% FHA vs 6.5% conventional
$752
per month
$9,030
per year
$270,891
over 30 years
$269,993
interest saved
How gap financing works: The equity gap ($106,031) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($25,500, 5% of purchase price) and a second mortgage for the rest ($80,531 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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