Loan Comparison: 3.02% vs 6.5%
7277 68th Place, Commerce City, CO 80022 · 4bd/4ba · $470,000
List Price
$470,000
Assumable Rate
3.02%
Remaining Balance
$233,504
Equity Gap
$236,495
Loan Type
FHAAdjust Your Scenario
$23,500
$23,500$236,495
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.02% (FHA)
Blended Rate: 5.16%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,822/moAssumable @ 3.02% + gap loan
$2,476/moAssumed loan: $987/mo
Gap financing: $1,489/mo
$346less per month with the assumable
Your Savings on This Property
7277 68th Place, Commerce City · 3.02% FHA vs 6.5% conventional
$346
per month
$4,151
per year
$124,527
over 30 years
$124,526
interest saved
How gap financing works: The equity gap ($236,495) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,500, 5% of purchase price) and a second mortgage for the rest ($212,995 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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