Loan Comparison: 3.09% vs 6.5%
7491 Locust Street, Commerce City, CO 80022 · 5bd/2ba · $460,000
List Price
$460,000
Assumable Rate
3.09%
Remaining Balance
$344,011
Equity Gap
$115,988
Loan Type
FHAAdjust Your Scenario
$23,000
$23,000$115,988
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.09% (FHA)
Blended Rate: 4.03%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,762/moAssumable @ 3.09% + gap loan
$2,117/moAssumed loan: $1,467/mo
Gap financing: $650/mo
$645less per month with the assumable
Your Savings on This Property
7491 Locust Street, Commerce City · 3.09% FHA vs 6.5% conventional
$645
per month
$7,738
per year
$232,141
over 30 years
$232,140
interest saved
How gap financing works: The equity gap ($115,988) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,000, 5% of purchase price) and a second mortgage for the rest ($92,988 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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