Loan Comparison: 4.07% vs 6.5%
10494 Ouray Street, Commerce City, CO 80022 · 2bd/1ba · $494,000
List Price
$494,000
Assumable Rate
4.07%
Remaining Balance
$338,545
Equity Gap
$155,454
Loan Type
FHAAdjust Your Scenario
$24,700
$24,700$155,454
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4.07% (FHA)
Blended Rate: 5.03%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,966/moAssumable @ 4.07% + gap loan
$2,544/moAssumed loan: $1,630/mo
Gap financing: $914/mo
$422less per month with the assumable
Your Savings on This Property
10494 Ouray Street, Commerce City · 4.07% FHA vs 6.5% conventional
$422
per month
$5,065
per year
$151,951
over 30 years
$151,950
interest saved
How gap financing works: The equity gap ($155,454) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,700, 5% of purchase price) and a second mortgage for the rest ($130,754 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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