Loan Comparison: 3.57% vs 6.5%
6625 Locust Street, Commerce City, CO 80022 · 2bd/1ba · $425,000
List Price
$425,000
Assumable Rate
3.57%
Remaining Balance
$189,549
Equity Gap
$235,450
Loan Type
FHAAdjust Your Scenario
$21,250
$21,250$235,450
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.57% (FHA)
Blended Rate: 5.65%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,552/moAssumable @ 3.57% + gap loan
$2,356/moAssumed loan: $859/mo
Gap financing: $1,498/mo
$196less per month with the assumable
Your Savings on This Property
6625 Locust Street, Commerce City · 3.57% FHA vs 6.5% conventional
$196
per month
$2,348
per year
$70,443
over 30 years
$70,442
interest saved
How gap financing works: The equity gap ($235,450) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,250, 5% of purchase price) and a second mortgage for the rest ($214,200 at 7.5%). 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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