Loan Comparison: 2.9% vs 6.5%
17820 96th Place, Commerce City, CO 80022 · 2bd/1ba · $386,000
List Price
$386,000
Assumable Rate
2.9%
Remaining Balance
$356,190
Equity Gap
$29,809
Loan Type
FHAAdjust Your Scenario
$19,300
$19,300$29,809
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.9% (FHA)
Blended Rate: 3.03%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,318/moAssumable @ 2.9% + gap loan
$1,556/moAssumed loan: $1,483/mo
Gap financing: $73/mo
$762less per month with the assumable
Your Savings on This Property
17820 96th Place, Commerce City · 2.9% FHA vs 6.5% conventional
$762
per month
$9,141
per year
$274,228
over 30 years
$274,227
interest saved
How gap financing works: The equity gap ($29,809) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,300, 5% of purchase price) and a second mortgage for the rest ($10,509 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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