Loan Comparison: 3.69% vs 6.5%
10293 Norfolk Street, Commerce City, CO 80022 · 3bd/2ba · $620,000
List Price
$620,000
Assumable Rate
3.69%
Remaining Balance
$304,339
Equity Gap
$315,661
Loan Type
FHAAdjust Your Scenario
$31,000
$31,000$315,661
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.69% (FHA)
Blended Rate: 5.53%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,723/moAssumable @ 3.69% + gap loan
$3,389/moAssumed loan: $1,399/mo
Gap financing: $1,990/mo
$333less per month with the assumable
Your Savings on This Property
10293 Norfolk Street, Commerce City · 3.69% FHA vs 6.5% conventional
$333
per month
$4,001
per year
$120,020
over 30 years
$120,020
interest saved
How gap financing works: The equity gap ($315,661) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($31,000, 5% of purchase price) and a second mortgage for the rest ($284,661 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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