Loan Comparison: 2.98% vs 6.5%
16343 100th, Commerce City, CO 80022 · 6bd/4ba · $600,000
List Price
$600,000
Assumable Rate
2.98%
Remaining Balance
$491,732
Equity Gap
$107,191
Loan Type
FHAAdjust Your Scenario
$30,000
$30,000$107,191
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (FHA)
Blended Rate: 3.73%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,603/moAssumable @ 2.98% + gap loan
$2,661/moAssumed loan: $2,068/mo
Gap financing: $594/mo
$941less per month with the assumable
Your Savings on This Property
16343 100th, Commerce City · 2.98% FHA vs 6.5% conventional
$941
per month
$11,297
per year
$338,902
over 30 years
$337,825
interest saved
How gap financing works: The equity gap ($107,191) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($30,000, 5% of purchase price) and a second mortgage for the rest ($77,191 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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