Loan Comparison: 2.87% vs 6.5%
1780 Sherrelwood, Denver, CO 80221 · 6bd/3ba · $505,000
List Price
$505,000
Assumable Rate
2.87%
Remaining Balance
$410,935
Equity Gap
$119,202
Loan Type
FHAAdjust Your Scenario
$25,250
$25,250$119,202
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.87% (FHA)
Blended Rate: 3.92%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,032/moAssumable @ 2.87% + gap loan
$2,426/moAssumed loan: $1,704/mo
Gap financing: $722/mo
$606less per month with the assumable
Your Savings on This Property
1780 Sherrelwood, Denver · 2.87% FHA vs 6.5% conventional
$606
per month
$7,273
per year
$218,195
over 30 years
$243,332
interest saved
How gap financing works: The equity gap ($119,202) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($25,250, 5% of purchase price) and a second mortgage for the rest ($93,952 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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