Loan Comparison: 2.98% vs 6.5%
324 Ames Street, Lakewood, CO 80226 · 3bd/2ba · $480,000
List Price
$480,000
Assumable Rate
2.98%
Remaining Balance
$335,700
Equity Gap
$144,299
Loan Type
FHAAdjust Your Scenario
$24,000
$24,000$144,299
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (FHA)
Blended Rate: 4.17%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,882/moAssumable @ 2.98% + gap loan
$2,253/moAssumed loan: $1,412/mo
Gap financing: $841/mo
$629less per month with the assumable
Your Savings on This Property
324 Ames Street, Lakewood · 2.98% FHA vs 6.5% conventional
$629
per month
$7,553
per year
$226,575
over 30 years
$226,574
interest saved
How gap financing works: The equity gap ($144,299) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,000, 5% of purchase price) and a second mortgage for the rest ($120,299 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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