Loan Comparison: 2.96% vs 6.5%
10647 112th, Commerce City, CO 80640 · 3bd/3ba · $490,000
List Price
$490,000
Assumable Rate
2.96%
Remaining Balance
$304,264
Equity Gap
$185,736
Loan Type
FHAAdjust Your Scenario
$24,500
$24,500$185,736
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (FHA)
Blended Rate: 4.88%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,942/moAssumable @ 2.96% + gap loan
$2,516/moAssumed loan: $1,276/mo
Gap financing: $1,240/mo
$426less per month with the assumable
Your Savings on This Property
10647 112th, Commerce City · 2.96% FHA vs 6.5% conventional
$426
per month
$5,115
per year
$153,460
over 30 years
$153,460
interest saved
How gap financing works: The equity gap ($185,736) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,500, 5% of purchase price) and a second mortgage for the rest ($161,236 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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