Loan Comparison: 2.625% vs 6.5%
1058 Raleigh st, Denver, CO 80219 · 2bd/1ba · $350,000
List Price
$350,000
Assumable Rate
2.625%
Remaining Balance
$310,371
Equity Gap
$41,533
Loan Type
FHAAdjust Your Scenario
$17,500
$17,500$41,533
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.625% (FHA)
Blended Rate: 3.05%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,102/moAssumable @ 2.625% + gap loan
$1,431/moAssumed loan: $1,247/mo
Gap financing: $185/mo
$670less per month with the assumable
Your Savings on This Property
1058 Raleigh st, Denver · 2.625% FHA vs 6.5% conventional
$670
per month
$8,043
per year
$241,282
over 30 years
$243,186
interest saved
How gap financing works: The equity gap ($41,533) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,500, 5% of purchase price) and a second mortgage for the rest ($24,033 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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