Loan Comparison: 3.89% vs 6.5%
12238 Idalia Street, Commerce City, CO 80603 · 4bd/4ba · $555,000
List Price
$555,000
Assumable Rate
3.89%
Remaining Balance
$421,834
Equity Gap
$133,165
Loan Type
FHAAdjust Your Scenario
$27,750
$27,750$133,165
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.89% (FHA)
Blended Rate: 4.61%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,333/moAssumable @ 3.89% + gap loan
$2,724/moAssumed loan: $1,987/mo
Gap financing: $737/mo
$608less per month with the assumable
Your Savings on This Property
12238 Idalia Street, Commerce City · 3.89% FHA vs 6.5% conventional
$608
per month
$7,299
per year
$218,974
over 30 years
$218,973
interest saved
How gap financing works: The equity gap ($133,165) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($27,750, 5% of purchase price) and a second mortgage for the rest ($105,415 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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