Loan Comparison: 2.74% vs 6.5%
4515 Gibraltar, Denver, CO 80249 · 4bd/4ba · $480,000
List Price
$480,000
Assumable Rate
2.74%
Remaining Balance
$330,896
Equity Gap
$149,104
Loan Type
FHAAdjust Your Scenario
$24,000
$24,000$149,104
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.74% (FHA)
Blended Rate: 4.32%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,882/moAssumable @ 2.74% + gap loan
$2,311/moAssumed loan: $1,349/mo
Gap financing: $962/mo
$571less per month with the assumable
Your Savings on This Property
4515 Gibraltar, Denver · 2.74% FHA vs 6.5% conventional
$571
per month
$6,854
per year
$205,627
over 30 years
$205,627
interest saved
How gap financing works: The equity gap ($149,104) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,000, 5% of purchase price) and a second mortgage for the rest ($125,104 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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