Loan Comparison: 2.89% vs 6.5%
11402 Chambers Drive, Commerce City, CO 80022 · 3bd/2ba · $650,000
List Price
$650,000
Assumable Rate
2.89%
Remaining Balance
$409,523
Equity Gap
$240,476
Loan Type
FHAAdjust Your Scenario
$32,500
$32,500$240,476
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.89% (FHA)
Blended Rate: 4.44%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,903/moAssumable @ 2.89% + gap loan
$3,157/moAssumed loan: $1,702/mo
Gap financing: $1,454/mo
$746less per month with the assumable
Your Savings on This Property
11402 Chambers Drive, Commerce City · 2.89% FHA vs 6.5% conventional
$746
per month
$8,957
per year
$268,724
over 30 years
$268,723
interest saved
How gap financing works: The equity gap ($240,476) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($32,500, 5% of purchase price) and a second mortgage for the rest ($207,976 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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