Loan Comparison: 2.84% vs 6.5%
655 Alton, Denver, CO 80247 · 1bd/1ba · $189,900
List Price
$189,900
Assumable Rate
2.84%
Remaining Balance
$67,626
Equity Gap
$54,647
Loan Type
FHAAdjust Your Scenario
$9,495
$9,495$54,647
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.84% (FHA)
Blended Rate: 5.11%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,140/moAssumable @ 2.84% + gap loan
$626/moAssumed loan: $279/mo
Gap financing: $347/mo
$514less per month with the assumable
Your Savings on This Property
655 Alton, Denver · 2.84% FHA vs 6.5% conventional
$514
per month
$6,165
per year
$184,965
over 30 years
$117,338
interest saved
How gap financing works: The equity gap ($54,647) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($9,495, 5% of purchase price) and a second mortgage for the rest ($45,152 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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