Loan Comparison: 2.96% vs 6.5%
5315 Shirley, Lakewood, CO 80232 · 3bd/1ba · $440,000
List Price
$440,000
Assumable Rate
2.96%
Remaining Balance
$378,460
Equity Gap
$61,540
Loan Type
FHAAdjust Your Scenario
$22,000
$22,000$61,540
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (FHA)
Blended Rate: 3.48%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,642/moAssumable @ 2.96% + gap loan
$1,891/moAssumed loan: $1,587/mo
Gap financing: $304/mo
$751less per month with the assumable
Your Savings on This Property
5315 Shirley, Lakewood · 2.96% FHA vs 6.5% conventional
$751
per month
$9,007
per year
$270,204
over 30 years
$270,204
interest saved
How gap financing works: The equity gap ($61,540) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,000, 5% of purchase price) and a second mortgage for the rest ($39,540 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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