Loan Comparison: 5.23% vs 6.5%
1543 Benton, Lakewood, CO 80232 · 3bd/2ba · $509,000
List Price
$509,000
Assumable Rate
5.23%
Remaining Balance
$445,050
Equity Gap
$62,644
Loan Type
FHAAdjust Your Scenario
$25,450
$25,450$62,644
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.23% (FHA)
Blended Rate: 5.48%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,056/moAssumable @ 5.23% + gap loan
$2,738/moAssumed loan: $2,452/mo
Gap financing: $286/mo
$318less per month with the assumable
Your Savings on This Property
1543 Benton, Lakewood · 5.23% FHA vs 6.5% conventional
$318
per month
$3,820
per year
$114,589
over 30 years
$113,283
interest saved
How gap financing works: The equity gap ($62,644) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($25,450, 5% of purchase price) and a second mortgage for the rest ($37,194 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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