Loan Comparison: 3.45% vs 6.5%
10268 Norfolk Street, Commerce City, CO 80022 · 3bd/3ba · $483,500
List Price
$483,500
Assumable Rate
3.45%
Remaining Balance
$363,398
Equity Gap
$120,101
Loan Type
FHAAdjust Your Scenario
$24,175
$24,175$120,101
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.45% (FHA)
Blended Rate: 4.30%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,903/moAssumable @ 3.45% + gap loan
$2,292/moAssumed loan: $1,622/mo
Gap financing: $671/mo
$611less per month with the assumable
Your Savings on This Property
10268 Norfolk Street, Commerce City · 3.45% FHA vs 6.5% conventional
$611
per month
$7,330
per year
$219,897
over 30 years
$219,896
interest saved
How gap financing works: The equity gap ($120,101) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,175, 5% of purchase price) and a second mortgage for the rest ($95,926 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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