Loan Comparison: 2.96% vs 6.5%
12360 Nevada Place, Lakewood, CO 80228 · 2bd/1ba · $284,900
List Price
$284,900
Assumable Rate
2.96%
Remaining Balance
$231,165
Equity Gap
$53,735
Loan Type
FHAAdjust Your Scenario
$14,245
$14,245$53,735
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (FHA)
Blended Rate: 3.62%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,711/moAssumable @ 2.96% + gap loan
$1,246/moAssumed loan: $970/mo
Gap financing: $276/mo
$465less per month with the assumable
Your Savings on This Property
12360 Nevada Place, Lakewood · 2.96% FHA vs 6.5% conventional
$465
per month
$5,580
per year
$167,394
over 30 years
$167,394
interest saved
How gap financing works: The equity gap ($53,735) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($14,245, 5% of purchase price) and a second mortgage for the rest ($39,490 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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