Loan Comparison: 3.16% vs 6.5%
1248 Eaton, Lakewood, CO 80232 · 4bd/2ba · $525,000
List Price
$525,000
Assumable Rate
3.16%
Remaining Balance
$438,558
Equity Gap
$136,442
Loan Type
FHAAdjust Your Scenario
$26,250
$26,250$136,442
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.16% (FHA)
Blended Rate: 4.23%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,152/moAssumable @ 3.16% + gap loan
$2,734/moAssumed loan: $1,887/mo
Gap financing: $847/mo
$418less per month with the assumable
Your Savings on This Property
1248 Eaton, Lakewood · 3.16% FHA vs 6.5% conventional
$418
per month
$5,017
per year
$150,524
over 30 years
$200,524
interest saved
How gap financing works: The equity gap ($136,442) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($26,250, 5% of purchase price) and a second mortgage for the rest ($110,192 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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