Loan Comparison: 5.23% vs 6.5%
8235 Florida, Lakewood, CO 80232 · 5bd/3ba · $595,000
List Price
$595,000
Assumable Rate
5.23%
Remaining Balance
$586,363
Equity Gap
$39,509
Loan Type
FHAAdjust Your Scenario
$29,750
$29,750$39,509
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.23% (FHA)
Blended Rate: 5.28%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,573/moAssumable @ 5.23% + gap loan
$3,306/moAssumed loan: $3,231/mo
Gap financing: $75/mo
$267less per month with the assumable
Your Savings on This Property
8235 Florida, Lakewood · 5.23% FHA vs 6.5% conventional
$267
per month
$3,205
per year
$96,144
over 30 years
$127,016
interest saved
How gap financing works: The equity gap ($39,509) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($29,750, 5% of purchase price) and a second mortgage for the rest ($9,759 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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