Loan Comparison: 6.44% vs 6.5%
10042 Wheeling Street, Commerce City, CO 80022 · 5bd/3ba · $745,000
List Price
$745,000
Assumable Rate
6.44%
Remaining Balance
$668,704
Equity Gap
$76,295
Loan Type
FHAAdjust Your Scenario
$37,250
$37,250$76,295
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.44% (FHA)
Blended Rate: 6.50%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,473/moAssumable @ 6.44% + gap loan
$4,473/moAssumed loan: $4,200/mo
Gap financing: $273/mo
$0less per month with the assumable
Your Savings on This Property
10042 Wheeling Street, Commerce City · 6.44% FHA vs 6.5% conventional
$0
per month
$2
per year
$51
over 30 years
$50
interest saved
How gap financing works: The equity gap ($76,295) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($37,250, 5% of purchase price) and a second mortgage for the rest ($39,045 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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