Loan Comparison: 3.02% vs 6.5%
430 Cody, Lakewood, CO 80226 · 4bd/2ba · $775,000
List Price
$775,000
Assumable Rate
3.02%
Remaining Balance
$484,171
Equity Gap
$353,223
Loan Type
FHAAdjust Your Scenario
$38,750
$38,750$353,223
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.02% (FHA)
Blended Rate: 5.18%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,654/moAssumable @ 3.02% + gap loan
$4,465/moAssumed loan: $2,047/mo
Gap financing: $2,418/mo
$189less per month with the assumable
Your Savings on This Property
430 Cody, Lakewood · 3.02% FHA vs 6.5% conventional
$189
per month
$2,269
per year
$68,063
over 30 years
$130,457
interest saved
How gap financing works: The equity gap ($353,223) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($38,750, 5% of purchase price) and a second mortgage for the rest ($314,473 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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