Loan Comparison: 2.9% vs 6.5%
5562 Flanders, Denver, CO 80249 · 4bd/3ba · $470,000
List Price
$470,000
Assumable Rate
2.9%
Remaining Balance
$378,197
Equity Gap
$92,640
Loan Type
FHAAdjust Your Scenario
$23,500
$23,500$92,640
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.9% (FHA)
Blended Rate: 3.77%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,822/moAssumable @ 2.9% + gap loan
$2,106/moAssumed loan: $1,574/mo
Gap financing: $532/mo
$716less per month with the assumable
Your Savings on This Property
5562 Flanders, Denver · 2.9% FHA vs 6.5% conventional
$716
per month
$8,597
per year
$257,900
over 30 years
$258,737
interest saved
How gap financing works: The equity gap ($92,640) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,500, 5% of purchase price) and a second mortgage for the rest ($69,140 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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