Loan Comparison: 2.98% vs 6.5%
740 Depew, Lakewood, CO 80214 · 3bd/2ba · $425,000
List Price
$425,000
Assumable Rate
2.98%
Remaining Balance
$294,702
Equity Gap
$130,297
Loan Type
FHAAdjust Your Scenario
$21,250
$21,250$130,297
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (FHA)
Blended Rate: 4.47%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,552/moAssumable @ 2.98% + gap loan
$2,078/moAssumed loan: $1,239/mo
Gap financing: $838/mo
$474less per month with the assumable
Your Savings on This Property
740 Depew, Lakewood · 2.98% FHA vs 6.5% conventional
$474
per month
$5,690
per year
$170,711
over 30 years
$170,710
interest saved
How gap financing works: The equity gap ($130,297) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,250, 5% of purchase price) and a second mortgage for the rest ($109,047 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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