Loan Comparison: 2.89% vs 6.5%
9314 Pitkin Street, Commerce City, CO 80022 · 6bd/4ba · $465,000
List Price
$465,000
Assumable Rate
2.89%
Remaining Balance
$338,802
Equity Gap
$126,197
Loan Type
FHAAdjust Your Scenario
$23,250
$23,250$126,197
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.89% (FHA)
Blended Rate: 3.96%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,792/moAssumable @ 2.89% + gap loan
$2,128/moAssumed loan: $1,408/mo
Gap financing: $720/mo
$664less per month with the assumable
Your Savings on This Property
9314 Pitkin Street, Commerce City · 2.89% FHA vs 6.5% conventional
$664
per month
$7,967
per year
$239,025
over 30 years
$239,024
interest saved
How gap financing works: The equity gap ($126,197) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,250, 5% of purchase price) and a second mortgage for the rest ($102,947 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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