Loan Comparison: 3.67% vs 6.5%
15395 117th Place, Commerce City, CO 80022 · 3bd/3ba · $585,000
List Price
$585,000
Assumable Rate
3.67%
Remaining Balance
$260,905
Equity Gap
$324,094
Loan Type
FHAAdjust Your Scenario
$29,250
$29,250$324,094
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.67% (FHA)
Blended Rate: 5.70%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,513/moAssumable @ 3.67% + gap loan
$3,258/moAssumed loan: $1,196/mo
Gap financing: $2,062/mo
$255less per month with the assumable
Your Savings on This Property
15395 117th Place, Commerce City · 3.67% FHA vs 6.5% conventional
$255
per month
$3,056
per year
$91,673
over 30 years
$91,672
interest saved
How gap financing works: The equity gap ($324,094) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($29,250, 5% of purchase price) and a second mortgage for the rest ($294,844 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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