Loan Comparison: 6.77% vs 6.5%
6420 63rd Place, Commerce City, CO 80022 · 1bd/1ba · $320,000
List Price
$320,000
Assumable Rate
6.77%
Remaining Balance
$6,603
Equity Gap
$313,396
Loan Type
FHAAdjust Your Scenario
$16,000
$16,000$313,396
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.77% (FHA)
Blended Rate: 7.48%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,921/moAssumable @ 6.77% + gap loan
$2,122/moAssumed loan: $43/mo
Gap financing: $2,079/mo
Your Savings on This Property
6420 63rd Place, Commerce City · 6.77% FHA vs 6.5% conventional
$0
per month
$0
per year
$0
over 30 years
$0
interest saved
How gap financing works: The equity gap ($313,396) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($16,000, 5% of purchase price) and a second mortgage for the rest ($297,396 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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