Loan Comparison: 2.77% vs 6.5%
6471 62nd, Commerce City, CO 80022 · 4bd/3ba · $500,000
List Price
$500,000
Assumable Rate
2.77%
Remaining Balance
$331,816
Equity Gap
$166,631
Loan Type
FHAAdjust Your Scenario
$25,000
$25,000$166,631
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.77% (FHA)
Blended Rate: 4.48%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,002/moAssumable @ 2.77% + gap loan
$2,447/moAssumed loan: $1,358/mo
Gap financing: $1,089/mo
$555less per month with the assumable
Your Savings on This Property
6471 62nd, Commerce City · 2.77% FHA vs 6.5% conventional
$555
per month
$6,662
per year
$199,863
over 30 years
$198,310
interest saved
How gap financing works: The equity gap ($166,631) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($25,000, 5% of purchase price) and a second mortgage for the rest ($141,631 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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