Loan Comparison: 3.88% vs 6.5%
381 Ames Street, Lakewood, CO 80226 · 3bd/3ba · $245,000
List Price
$245,000
Assumable Rate
3.88%
Remaining Balance
$151,020
Equity Gap
$93,980
Loan Type
FHAAdjust Your Scenario
$12,250
$12,250$93,980
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.88% (FHA)
Blended Rate: 5.15%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,471/moAssumable @ 3.88% + gap loan
$1,282/moAssumed loan: $711/mo
Gap financing: $571/mo
$189less per month with the assumable
Your Savings on This Property
381 Ames Street, Lakewood · 3.88% FHA vs 6.5% conventional
$189
per month
$2,269
per year
$68,071
over 30 years
$68,071
interest saved
How gap financing works: The equity gap ($93,980) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($12,250, 5% of purchase price) and a second mortgage for the rest ($81,730 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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