Loan Comparison: 3.47% vs 6.5%
7240 Custer, Lakewood, CO 80226 · 1bd/1ba · $345,000
List Price
$345,000
Assumable Rate
3.47%
Remaining Balance
$202,517
Equity Gap
$142,482
Loan Type
FHAAdjust Your Scenario
$17,250
$17,250$142,482
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.47% (FHA)
Blended Rate: 5.39%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,072/moAssumable @ 3.47% + gap loan
$1,869/moAssumed loan: $906/mo
Gap financing: $963/mo
$203less per month with the assumable
Your Savings on This Property
7240 Custer, Lakewood · 3.47% FHA vs 6.5% conventional
$203
per month
$2,432
per year
$72,962
over 30 years
$72,961
interest saved
How gap financing works: The equity gap ($142,482) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,250, 5% of purchase price) and a second mortgage for the rest ($125,232 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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