Loan Comparison: 3.1% vs 6.5%
402 Washington, Denver, CO 80203 · 2bd/1ba · $420,000
List Price
$420,000
Assumable Rate
3.1%
Remaining Balance
$261,344
Equity Gap
$158,803
Loan Type
FHAAdjust Your Scenario
$21,000
$21,000$158,803
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.1% (FHA)
Blended Rate: 4.96%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,522/moAssumable @ 3.1% + gap loan
$2,176/moAssumed loan: $1,116/mo
Gap financing: $1,060/mo
$346less per month with the assumable
Your Savings on This Property
402 Washington, Denver · 3.1% FHA vs 6.5% conventional
$346
per month
$4,157
per year
$124,698
over 30 years
$124,845
interest saved
How gap financing works: The equity gap ($158,803) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,000, 5% of purchase price) and a second mortgage for the rest ($137,803 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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