Loan Comparison: 3.88% vs 6.5%
2626 Devonshire, Denver, CO 80229 · 2bd/2ba · $250,000
List Price
$250,000
Assumable Rate
3.88%
Remaining Balance
$168,323
Equity Gap
$89,288
Loan Type
FHAAdjust Your Scenario
$12,500
$12,500$89,288
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.88% (FHA)
Blended Rate: 5.33%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,501/moAssumable @ 3.88% + gap loan
$1,382/moAssumed loan: $792/mo
Gap financing: $590/mo
$119less per month with the assumable
Your Savings on This Property
2626 Devonshire, Denver · 3.88% FHA vs 6.5% conventional
$119
per month
$1,425
per year
$42,743
over 30 years
$50,354
interest saved
How gap financing works: The equity gap ($89,288) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($12,500, 5% of purchase price) and a second mortgage for the rest ($76,788 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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