Loan Comparison: 2.96% vs 6.5%
1070 Elm, Denver, CO 80229 · 3bd/2ba · $399,000
List Price
$399,000
Assumable Rate
2.96%
Remaining Balance
$343,456
Equity Gap
$69,491
Loan Type
FHAAdjust Your Scenario
$19,950
$19,950$69,491
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (FHA)
Blended Rate: 3.66%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,396/moAssumable @ 2.96% + gap loan
$1,822/moAssumed loan: $1,441/mo
Gap financing: $381/mo
$574less per month with the assumable
Your Savings on This Property
1070 Elm, Denver · 2.96% FHA vs 6.5% conventional
$574
per month
$6,892
per year
$206,748
over 30 years
$220,695
interest saved
How gap financing works: The equity gap ($69,491) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,950, 5% of purchase price) and a second mortgage for the rest ($49,541 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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