Loan Comparison: 2.71% vs 6.5%
9661 Cornell Place, Lakewood, CO 80012 · 5bd/2ba · $375,000
List Price
$375,000
Assumable Rate
2.71%
Remaining Balance
$237,440
Equity Gap
$137,560
Loan Type
FHAAdjust Your Scenario
$18,750
$18,750$137,560
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.71% (FHA)
Blended Rate: 4.31%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,252/moAssumable @ 2.71% + gap loan
$1,795/moAssumed loan: $964/mo
Gap financing: $831/mo
$457less per month with the assumable
Your Savings on This Property
9661 Cornell Place, Lakewood · 2.71% FHA vs 6.5% conventional
$457
per month
$5,480
per year
$164,412
over 30 years
$164,412
interest saved
How gap financing works: The equity gap ($137,560) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,750, 5% of purchase price) and a second mortgage for the rest ($118,810 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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