Loan Comparison: 3.88% vs 6.5%
381 Ames, Lakewood, CO 80226 · 2bd/2ba · $265,000
List Price
$265,000
Assumable Rate
3.88%
Remaining Balance
$153,661
Equity Gap
$112,463
Loan Type
FHAAdjust Your Scenario
$13,250
$13,250$112,463
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.88% (FHA)
Blended Rate: 5.69%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,591/moAssumable @ 3.88% + gap loan
$1,486/moAssumed loan: $723/mo
Gap financing: $763/mo
$105less per month with the assumable
Your Savings on This Property
381 Ames, Lakewood · 3.88% FHA vs 6.5% conventional
$105
per month
$1,264
per year
$37,929
over 30 years
$39,053
interest saved
How gap financing works: The equity gap ($112,463) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($13,250, 5% of purchase price) and a second mortgage for the rest ($99,213 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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