Loan Comparison: 2.98% vs 6.5%
740 Depew Street, Lakewood, CO 80214 · 4bd/2ba · $399,000
List Price
$399,000
Assumable Rate
2.98%
Remaining Balance
$292,104
Equity Gap
$106,896
Loan Type
FHAAdjust Your Scenario
$19,950
$19,950$106,896
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (FHA)
Blended Rate: 4.02%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,396/moAssumable @ 2.98% + gap loan
$1,836/moAssumed loan: $1,228/mo
Gap financing: $608/mo
$560less per month with the assumable
Your Savings on This Property
740 Depew Street, Lakewood · 2.98% FHA vs 6.5% conventional
$560
per month
$6,714
per year
$201,435
over 30 years
$201,435
interest saved
How gap financing works: The equity gap ($106,896) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,950, 5% of purchase price) and a second mortgage for the rest ($86,946 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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