Loan Comparison: 2.84% vs 6.5%
8980 Hickory, Denver, CO 80229 · 3bd/2ba · $410,000
List Price
$410,000
Assumable Rate
2.84%
Remaining Balance
$313,367
Equity Gap
$111,493
Loan Type
FHAAdjust Your Scenario
$20,500
$20,500$111,493
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.84% (FHA)
Blended Rate: 4.11%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,462/moAssumable @ 2.84% + gap loan
$1,994/moAssumed loan: $1,294/mo
Gap financing: $700/mo
$468less per month with the assumable
Your Savings on This Property
8980 Hickory, Denver · 2.84% FHA vs 6.5% conventional
$468
per month
$5,616
per year
$168,468
over 30 years
$183,328
interest saved
How gap financing works: The equity gap ($111,493) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,500, 5% of purchase price) and a second mortgage for the rest ($90,993 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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