Loan Comparison: 5.23% vs 6.5%
888 Reed, Lakewood, CO 80226 · 2bd/1ba · $350,000
List Price
$350,000
Assumable Rate
5.23%
Remaining Balance
$326,547
Equity Gap
$23,453
Loan Type
FHAAdjust Your Scenario
$17,500
$17,500$23,453
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.23% (FHA)
Blended Rate: 5.29%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,102/moAssumable @ 5.23% + gap loan
$1,845/moAssumed loan: $1,799/mo
Gap financing: $46/mo
$257less per month with the assumable
Your Savings on This Property
888 Reed, Lakewood · 5.23% FHA vs 6.5% conventional
$257
per month
$3,080
per year
$92,409
over 30 years
$92,409
interest saved
How gap financing works: The equity gap ($23,453) 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 ($5,953 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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