Loan Comparison: 7.62% vs 6.5%
8805 Floyd Avenue, Lakewood, CO 80227 · 3bd/2ba · $348,900
List Price
$348,900
Assumable Rate
7.62%
Remaining Balance
$316,762
Equity Gap
$32,137
Loan Type
FHAAdjust Your Scenario
$17,445
$17,445$32,137
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 7.62% (FHA)
Blended Rate: 7.61%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,095/moAssumable @ 7.62% + gap loan
$2,344/moAssumed loan: $2,241/mo
Gap financing: $103/mo
Your Savings on This Property
8805 Floyd Avenue, Lakewood · 7.62% FHA vs 6.5% conventional
$0
per month
$0
per year
$0
over 30 years
$0
interest saved
How gap financing works: The equity gap ($32,137) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,445, 5% of purchase price) and a second mortgage for the rest ($14,692 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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