Loan Comparison: 2.93% vs 6.5%
1638 Deframe Street, Lakewood, CO 80228 · 4bd/3ba · $310,000
List Price
$310,000
Assumable Rate
2.93%
Remaining Balance
$208,903
Equity Gap
$101,096
Loan Type
FHAAdjust Your Scenario
$15,500
$15,500$101,096
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.93% (FHA)
Blended Rate: 4.26%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,861/moAssumable @ 2.93% + gap loan
$1,471/moAssumed loan: $873/mo
Gap financing: $598/mo
$390less per month with the assumable
Your Savings on This Property
1638 Deframe Street, Lakewood · 2.93% FHA vs 6.5% conventional
$390
per month
$4,681
per year
$140,423
over 30 years
$140,422
interest saved
How gap financing works: The equity gap ($101,096) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($15,500, 5% of purchase price) and a second mortgage for the rest ($85,596 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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