Loan Comparison: 3.16% vs 6.5%
1248 Eaton Street, Lakewood, CO 80232 · 2bd/2ba · $500,000
List Price
$500,000
Assumable Rate
3.16%
Remaining Balance
$386,775
Equity Gap
$113,224
Loan Type
FHAAdjust Your Scenario
$25,000
$25,000$113,224
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.16% (FHA)
Blended Rate: 3.97%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,002/moAssumable @ 3.16% + gap loan
$2,281/moAssumed loan: $1,664/mo
Gap financing: $617/mo
$721less per month with the assumable
Your Savings on This Property
1248 Eaton Street, Lakewood · 3.16% FHA vs 6.5% conventional
$721
per month
$8,655
per year
$259,641
over 30 years
$259,640
interest saved
How gap financing works: The equity gap ($113,224) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($25,000, 5% of purchase price) and a second mortgage for the rest ($88,224 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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