Loan Comparison: 5.23% vs 6.5%
1543 Benton Street, Lakewood, CO 80232 · 2bd/2ba · $509,000
List Price
$509,000
Assumable Rate
5.23%
Remaining Balance
$442,404
Equity Gap
$66,595
Loan Type
FHAAdjust Your Scenario
$25,450
$25,450$66,595
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.23% (FHA)
Blended Rate: 5.42%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,056/moAssumable @ 5.23% + gap loan
$2,725/moAssumed loan: $2,437/mo
Gap financing: $288/mo
$331less per month with the assumable
Your Savings on This Property
1543 Benton Street, Lakewood · 5.23% FHA vs 6.5% conventional
$331
per month
$3,974
per year
$119,225
over 30 years
$119,224
interest saved
How gap financing works: The equity gap ($66,595) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($25,450, 5% of purchase price) and a second mortgage for the rest ($41,145 at 7.5%). 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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