Loan Comparison: 2.77% vs 6.5%
6471 62nd Place, Commerce City, CO 80022 · 5bd/2ba · $500,000
List Price
$500,000
Assumable Rate
2.77%
Remaining Balance
$329,474
Equity Gap
$170,526
Loan Type
FHAAdjust Your Scenario
$25,000
$25,000$170,526
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.77% (FHA)
Blended Rate: 4.22%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,002/moAssumable @ 2.77% + gap loan
$2,366/moAssumed loan: $1,349/mo
Gap financing: $1,018/mo
$636less per month with the assumable
Your Savings on This Property
6471 62nd Place, Commerce City · 2.77% FHA vs 6.5% conventional
$636
per month
$7,635
per year
$229,047
over 30 years
$229,047
interest saved
How gap financing works: The equity gap ($170,526) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($25,000, 5% of purchase price) and a second mortgage for the rest ($145,526 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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