Loan Comparison: 2.96% vs 6.5%
8844 Ventura, Commerce City, CO 80022 · 3bd/2ba · $460,000
List Price
$460,000
Assumable Rate
2.96%
Remaining Balance
$347,451
Equity Gap
$111,785
Loan Type
FHAAdjust Your Scenario
$23,000
$23,000$111,785
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (FHA)
Blended Rate: 4.09%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,762/moAssumable @ 2.96% + gap loan
$2,140/moAssumed loan: $1,457/mo
Gap financing: $683/mo
$622less per month with the assumable
Your Savings on This Property
8844 Ventura, Commerce City · 2.96% FHA vs 6.5% conventional
$622
per month
$7,465
per year
$223,947
over 30 years
$223,183
interest saved
How gap financing works: The equity gap ($111,785) 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 ($88,785 at 8.5%). 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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