Loan Comparison: 3.61% vs 6.5%
292 Linda Sue, Denver, CO 80233 · 5bd/2ba · $435,000
List Price
$435,000
Assumable Rate
3.61%
Remaining Balance
$216,604
Equity Gap
$218,396
Loan Type
FHAAdjust Your Scenario
$21,750
$21,750$218,396
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.61% (FHA)
Blended Rate: 5.94%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,612/moAssumable @ 3.61% + gap loan
$2,498/moAssumed loan: $986/mo
Gap financing: $1,512/mo
$114less per month with the assumable
Your Savings on This Property
292 Linda Sue, Denver · 3.61% FHA vs 6.5% conventional
$114
per month
$1,368
per year
$41,035
over 30 years
$41,035
interest saved
How gap financing works: The equity gap ($218,396) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,750, 5% of purchase price) and a second mortgage for the rest ($196,646 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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