Loan Comparison: 2.98% vs 6.5%
10171 Joplin Street, Commerce City, CO 80022 · 3bd/3ba · $565,000
List Price
$565,000
Assumable Rate
2.98%
Remaining Balance
$325,368
Equity Gap
$239,632
Loan Type
FHAAdjust Your Scenario
$28,250
$28,250$239,632
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (FHA)
Blended Rate: 4.76%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,393/moAssumable @ 2.98% + gap loan
$2,846/moAssumed loan: $1,368/mo
Gap financing: $1,478/mo
$546less per month with the assumable
Your Savings on This Property
10171 Joplin Street, Commerce City · 2.98% FHA vs 6.5% conventional
$546
per month
$6,556
per year
$196,687
over 30 years
$196,687
interest saved
How gap financing works: The equity gap ($239,632) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($28,250, 5% of purchase price) and a second mortgage for the rest ($211,382 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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