Loan Comparison: 2.83% vs 6.5%
18119 96th Avenue, Commerce City, CO 80022 · 2bd/2ba · $375,000
List Price
$375,000
Assumable Rate
2.83%
Remaining Balance
$298,441
Equity Gap
$76,559
Loan Type
FHAAdjust Your Scenario
$18,750
$18,750$76,559
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.83% (FHA)
Blended Rate: 3.59%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,252/moAssumable @ 2.83% + gap loan
$1,635/moAssumed loan: $1,231/mo
Gap financing: $404/mo
$616less per month with the assumable
Your Savings on This Property
18119 96th Avenue, Commerce City · 2.83% FHA vs 6.5% conventional
$616
per month
$7,398
per year
$221,937
over 30 years
$221,937
interest saved
How gap financing works: The equity gap ($76,559) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,750, 5% of purchase price) and a second mortgage for the rest ($57,809 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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