Loan Comparison: 2.99% vs 6.5%
11250 Florence Street, Commerce City, CO 80640 · 4bd/3ba · $324,900
List Price
$324,900
Assumable Rate
2.99%
Remaining Balance
$260,159
Equity Gap
$64,741
Loan Type
FHAAdjust Your Scenario
$16,245
$16,245$64,741
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.99% (FHA)
Blended Rate: 3.70%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,951/moAssumable @ 2.99% + gap loan
$1,435/moAssumed loan: $1,095/mo
Gap financing: $339/mo
$516less per month with the assumable
Your Savings on This Property
11250 Florence Street, Commerce City · 2.99% FHA vs 6.5% conventional
$516
per month
$6,197
per year
$185,897
over 30 years
$185,897
interest saved
How gap financing works: The equity gap ($64,741) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($16,245, 5% of purchase price) and a second mortgage for the rest ($48,496 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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