Loan Comparison: 3% vs 6.5%
12662 Virginia, Lakewood, CO 80228 · 3bd/3ba · $377,000
List Price
$377,000
Assumable Rate
3%
Remaining Balance
$314,716
Equity Gap
$62,284
Loan Type
FHAAdjust Your Scenario
$18,850
$18,850$62,284
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3% (FHA)
Blended Rate: 3.67%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,264/moAssumable @ 3% + gap loan
$1,661/moAssumed loan: $1,327/mo
Gap financing: $334/mo
$603less per month with the assumable
Your Savings on This Property
12662 Virginia, Lakewood · 3% FHA vs 6.5% conventional
$603
per month
$7,235
per year
$217,054
over 30 years
$217,054
interest saved
How gap financing works: The equity gap ($62,284) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,850, 5% of purchase price) and a second mortgage for the rest ($43,434 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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