Loan Comparison: 3.47% vs 6.5%
406 Washington, Denver, CO 80203 · 2bd/1ba · $440,000
List Price
$440,000
Assumable Rate
3.47%
Remaining Balance
$308,400
Equity Gap
$170,941
Loan Type
FHAAdjust Your Scenario
$22,000
$22,000$170,941
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.47% (FHA)
Blended Rate: 5.11%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,642/moAssumable @ 3.47% + gap loan
$2,525/moAssumed loan: $1,380/mo
Gap financing: $1,145/mo
$117less per month with the assumable
Your Savings on This Property
406 Washington, Denver · 3.47% FHA vs 6.5% conventional
$117
per month
$1,405
per year
$42,164
over 30 years
$81,505
interest saved
How gap financing works: The equity gap ($170,941) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,000, 5% of purchase price) and a second mortgage for the rest ($148,941 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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