Loan Comparison: 2.77% vs 6.5%
6471 62nd, Commerce City, CO 80022 · 4bd/3ba · $510,000
List Price
$510,000
Assumable Rate
2.77%
Remaining Balance
$333,368
Equity Gap
$176,631
Loan Type
FHAAdjust Your Scenario
$25,500
$25,500$176,631
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.77% (FHA)
Blended Rate: 4.56%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,062/moAssumable @ 2.77% + gap loan
$2,527/moAssumed loan: $1,364/mo
Gap financing: $1,162/mo
$536less per month with the assumable
Your Savings on This Property
6471 62nd, Commerce City · 2.77% FHA vs 6.5% conventional
$536
per month
$6,430
per year
$192,896
over 30 years
$192,895
interest saved
How gap financing works: The equity gap ($176,631) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($25,500, 5% of purchase price) and a second mortgage for the rest ($151,131 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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