Loan Comparison: 2.83% vs 6.5%
140 Kendall, Lakewood, CO 80226 · 5bd/2ba · $520,000
List Price
$520,000
Assumable Rate
2.83%
Remaining Balance
$348,378
Equity Gap
$171,622
Loan Type
FHAAdjust Your Scenario
$26,000
$26,000$171,622
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.83% (FHA)
Blended Rate: 4.50%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,122/moAssumable @ 2.83% + gap loan
$2,557/moAssumed loan: $1,437/mo
Gap financing: $1,120/mo
$566less per month with the assumable
Your Savings on This Property
140 Kendall, Lakewood · 2.83% FHA vs 6.5% conventional
$566
per month
$6,788
per year
$203,645
over 30 years
$203,645
interest saved
How gap financing works: The equity gap ($171,622) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($26,000, 5% of purchase price) and a second mortgage for the rest ($145,622 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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