Loan Comparison: 2.94% vs 6.5%
1181 Rowena, Denver, CO 80229 · 3bd/2ba · $450,000
List Price
$450,000
Assumable Rate
2.94%
Remaining Balance
$288,771
Equity Gap
$160,555
Loan Type
FHAAdjust Your Scenario
$22,500
$22,500$160,555
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.94% (FHA)
Blended Rate: 4.74%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,702/moAssumable @ 2.94% + gap loan
$2,270/moAssumed loan: $1,208/mo
Gap financing: $1,062/mo
$432less per month with the assumable
Your Savings on This Property
1181 Rowena, Denver · 2.94% FHA vs 6.5% conventional
$432
per month
$5,189
per year
$155,672
over 30 years
$154,998
interest saved
How gap financing works: The equity gap ($160,555) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,500, 5% of purchase price) and a second mortgage for the rest ($138,055 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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