Loan Comparison: 3.47% vs 6.5%
7240 Custer, Lakewood, CO 80226 · 1bd/1ba · $350,000
List Price
$350,000
Assumable Rate
3.47%
Remaining Balance
$203,072
Equity Gap
$146,927
Loan Type
FHAAdjust Your Scenario
$17,500
$17,500$146,927
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.47% (FHA)
Blended Rate: 5.43%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,102/moAssumable @ 3.47% + gap loan
$1,904/moAssumed loan: $908/mo
Gap financing: $995/mo
$198less per month with the assumable
Your Savings on This Property
7240 Custer, Lakewood · 3.47% FHA vs 6.5% conventional
$198
per month
$2,375
per year
$71,265
over 30 years
$71,264
interest saved
How gap financing works: The equity gap ($146,927) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,500, 5% of purchase price) and a second mortgage for the rest ($129,427 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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