Loan Comparison: 3.07% vs 6.5%
3355 Flower, Lakewood, CO 80227 · 2bd/1ba · $280,000
List Price
$280,000
Assumable Rate
3.07%
Remaining Balance
$238,196
Equity Gap
$42,800
Loan Type
FHAAdjust Your Scenario
$14,000
$14,000$42,800
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.07% (FHA)
Blended Rate: 3.66%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,681/moAssumable @ 3.07% + gap loan
$1,235/moAssumed loan: $1,013/mo
Gap financing: $221/mo
$447less per month with the assumable
Your Savings on This Property
3355 Flower, Lakewood · 3.07% FHA vs 6.5% conventional
$447
per month
$5,359
per year
$160,774
over 30 years
$161,770
interest saved
How gap financing works: The equity gap ($42,800) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($14,000, 5% of purchase price) and a second mortgage for the rest ($28,800 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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