Loan Comparison: 3.61% vs 6.5%
1565 Wolcott, Denver, CO 80219 · 2bd/2ba · $350,000
List Price
$350,000
Assumable Rate
3.61%
Remaining Balance
$310,938
Equity Gap
$99,540
Loan Type
FHAAdjust Your Scenario
$17,500
$17,500$99,540
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.61% (FHA)
Blended Rate: 4.63%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,102/moAssumable @ 3.61% + gap loan
$2,046/moAssumed loan: $1,415/mo
Gap financing: $631/mo
$55less per month with the assumable
Your Savings on This Property
1565 Wolcott, Denver · 3.61% FHA vs 6.5% conventional
$55
per month
$665
per year
$19,943
over 30 years
$80,421
interest saved
How gap financing works: The equity gap ($99,540) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,500, 5% of purchase price) and a second mortgage for the rest ($82,040 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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