Loan Comparison: 3.61% vs 6.5%
5288 Fairplay, Denver, CO 80239 · 4bd/3ba · $459,900
List Price
$459,900
Assumable Rate
3.61%
Remaining Balance
$195,566
Equity Gap
$264,334
Loan Type
FHAAdjust Your Scenario
$22,995
$22,995$264,334
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.61% (FHA)
Blended Rate: 6.31%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,762/moAssumable @ 3.61% + gap loan
$2,746/moAssumed loan: $890/mo
Gap financing: $1,856/mo
$16less per month with the assumable
Your Savings on This Property
5288 Fairplay, Denver · 3.61% FHA vs 6.5% conventional
$16
per month
$187
per year
$5,622
over 30 years
$5,622
interest saved
How gap financing works: The equity gap ($264,334) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,995, 5% of purchase price) and a second mortgage for the rest ($241,339 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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