Loan Comparison: 2.8% vs 6.5%
10970 Florida, Denver, CO 80232 · 2bd/1ba · $280,000
List Price
$280,000
Assumable Rate
2.8%
Remaining Balance
$217,841
Equity Gap
$62,159
Loan Type
FHAAdjust Your Scenario
$14,000
$14,000$62,159
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.8% (FHA)
Blended Rate: 3.83%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,681/moAssumable @ 2.8% + gap loan
$1,265/moAssumed loan: $895/mo
Gap financing: $370/mo
$416less per month with the assumable
Your Savings on This Property
10970 Florida, Denver · 2.8% FHA vs 6.5% conventional
$416
per month
$4,991
per year
$149,725
over 30 years
$149,725
interest saved
How gap financing works: The equity gap ($62,159) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($14,000, 5% of purchase price) and a second mortgage for the rest ($48,159 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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