Loan Comparison: 2.98% vs 6.5%
324 Ames, Lakewood, CO 80226 · 3bd/3ba · $499,900
List Price
$499,900
Assumable Rate
2.98%
Remaining Balance
$336,450
Equity Gap
$161,957
Loan Type
FHAAdjust Your Scenario
$24,995
$24,995$161,957
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (FHA)
Blended Rate: 4.58%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,002/moAssumable @ 2.98% + gap loan
$2,468/moAssumed loan: $1,415/mo
Gap financing: $1,053/mo
$534less per month with the assumable
Your Savings on This Property
324 Ames, Lakewood · 2.98% FHA vs 6.5% conventional
$534
per month
$6,405
per year
$192,148
over 30 years
$190,655
interest saved
How gap financing works: The equity gap ($161,957) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,995, 5% of purchase price) and a second mortgage for the rest ($136,962 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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