Loan Comparison: 2.84% vs 6.5%
8980 Hickory, Denver, CO 80229 · 3bd/2ba · $395,000
List Price
$395,000
Assumable Rate
2.84%
Remaining Balance
$297,841
Equity Gap
$96,493
Loan Type
FHAAdjust Your Scenario
$19,750
$19,750$96,493
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.84% (FHA)
Blended Rate: 4.00%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,372/moAssumable @ 2.84% + gap loan
$1,820/moAssumed loan: $1,230/mo
Gap financing: $590/mo
$552less per month with the assumable
Your Savings on This Property
8980 Hickory, Denver · 2.84% FHA vs 6.5% conventional
$552
per month
$6,619
per year
$198,574
over 30 years
$197,908
interest saved
How gap financing works: The equity gap ($96,493) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,750, 5% of purchase price) and a second mortgage for the rest ($76,743 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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