Loan Comparison: 1% vs 6.5%
2642 Devonshire, Denver, CO 80229 · 2bd/3ba · $275,000
List Price
$275,000
Assumable Rate
1%
Remaining Balance
$182,939
Equity Gap
$92,462
Loan Type
FHAAdjust Your Scenario
$13,750
$13,750$92,462
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 1% (FHA)
Blended Rate: 3.26%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,651/moAssumable @ 1% + gap loan
$1,194/moAssumed loan: $588/mo
Gap financing: $605/mo
$458less per month with the assumable
Your Savings on This Property
2642 Devonshire, Denver · 1% FHA vs 6.5% conventional
$458
per month
$5,492
per year
$164,753
over 30 years
$165,154
interest saved
How gap financing works: The equity gap ($92,462) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($13,750, 5% of purchase price) and a second mortgage for the rest ($78,712 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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