Loan Comparison: 2.62% vs 6.5%
1631 Deframe, Lakewood, CO 80228 · 2bd/2ba · $310,000
List Price
$310,000
Assumable Rate
2.62%
Remaining Balance
$265,453
Equity Gap
$43,921
Loan Type
FHAAdjust Your Scenario
$15,500
$15,500$43,921
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.62% (FHA)
Blended Rate: 3.19%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,861/moAssumable @ 2.62% + gap loan
$1,284/moAssumed loan: $1,065/mo
Gap financing: $219/mo
$577less per month with the assumable
Your Savings on This Property
1631 Deframe, Lakewood · 2.62% FHA vs 6.5% conventional
$577
per month
$6,929
per year
$207,868
over 30 years
$207,242
interest saved
How gap financing works: The equity gap ($43,921) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($15,500, 5% of purchase price) and a second mortgage for the rest ($28,421 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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