Loan Comparison: 2.98% vs 6.5%
740 Depew Street, Lakewood, CO 80214 · 2bd/2ba · $400,000
List Price
$400,000
Assumable Rate
2.98%
Remaining Balance
$292,104
Equity Gap
$107,896
Loan Type
FHAAdjust Your Scenario
$20,000
$20,000$107,896
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (FHA)
Blended Rate: 4.03%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,402/moAssumable @ 2.98% + gap loan
$1,843/moAssumed loan: $1,228/mo
Gap financing: $615/mo
$559less per month with the assumable
Your Savings on This Property
740 Depew Street, Lakewood · 2.98% FHA vs 6.5% conventional
$559
per month
$6,707
per year
$201,205
over 30 years
$201,205
interest saved
How gap financing works: The equity gap ($107,896) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,000, 5% of purchase price) and a second mortgage for the rest ($87,896 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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