Loan Comparison: 4.2% vs 6.5%
1745 Jay, Lakewood, CO 80214 · 3bd/1ba · $465,000
List Price
$465,000
Assumable Rate
4.2%
Remaining Balance
$277,772
Equity Gap
$205,285
Loan Type
FHAAdjust Your Scenario
$23,250
$23,250$205,285
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4.2% (FHA)
Blended Rate: 5.90%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,792/moAssumable @ 4.2% + gap loan
$2,758/moAssumed loan: $1,358/mo
Gap financing: $1,400/mo
$34less per month with the assumable
Your Savings on This Property
1745 Jay, Lakewood · 4.2% FHA vs 6.5% conventional
$34
per month
$409
per year
$12,282
over 30 years
$30,339
interest saved
How gap financing works: The equity gap ($205,285) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,250, 5% of purchase price) and a second mortgage for the rest ($182,035 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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