Loan Comparison: 2.99% vs 6.5%
2102 Brentwood Street, Lakewood, CO 80227 · 4bd/3ba · $625,000
List Price
$625,000
Assumable Rate
2.99%
Remaining Balance
$315,315
Equity Gap
$309,684
Loan Type
FHAAdjust Your Scenario
$31,250
$31,250$309,684
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.99% (FHA)
Blended Rate: 5.10%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,753/moAssumable @ 2.99% + gap loan
$3,275/moAssumed loan: $1,328/mo
Gap financing: $1,947/mo
$478less per month with the assumable
Your Savings on This Property
2102 Brentwood Street, Lakewood · 2.99% FHA vs 6.5% conventional
$478
per month
$5,740
per year
$172,214
over 30 years
$172,213
interest saved
How gap financing works: The equity gap ($309,684) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($31,250, 5% of purchase price) and a second mortgage for the rest ($278,434 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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