Loan Comparison: 2.98% vs 6.5%
7485 Colorado Drive, Lakewood, CO 80232 · 4bd/2ba · $460,000
List Price
$460,000
Assumable Rate
2.98%
Remaining Balance
$424,180
Equity Gap
$35,820
Loan Type
FHAAdjust Your Scenario
$23,000
$23,000$35,820
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (FHA)
Blended Rate: 3.11%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,762/moAssumable @ 2.98% + gap loan
$1,873/moAssumed loan: $1,784/mo
Gap financing: $90/mo
$889less per month with the assumable
Your Savings on This Property
7485 Colorado Drive, Lakewood · 2.98% FHA vs 6.5% conventional
$889
per month
$10,665
per year
$319,936
over 30 years
$319,936
interest saved
How gap financing works: The equity gap ($35,820) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,000, 5% of purchase price) and a second mortgage for the rest ($12,820 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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