Loan Comparison: 3.94% vs 6.5%
6505 Mississippi, Lakewood, CO 80232 · 3bd/3ba · $339,999
List Price
$339,999
Assumable Rate
3.94%
Remaining Balance
$153,975
Equity Gap
$183,502
Loan Type
FHAAdjust Your Scenario
$17,000
$17,000$183,502
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.94% (FHA)
Blended Rate: 6.31%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,042/moAssumable @ 3.94% + gap loan
$2,010/moAssumed loan: $730/mo
Gap financing: $1,280/mo
$32less per month with the assumable
Your Savings on This Property
6505 Mississippi, Lakewood · 3.94% FHA vs 6.5% conventional
$32
per month
$378
per year
$11,352
over 30 years
$8,830
interest saved
How gap financing works: The equity gap ($183,502) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,000, 5% of purchase price) and a second mortgage for the rest ($166,502 at 8.5%). 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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