Loan Comparison: 2.9% vs 6.5%
17820 96th, Commerce City, CO 80022 · 3bd/3ba · $398,000
List Price
$398,000
Assumable Rate
2.9%
Remaining Balance
$397,776
Equity Gap
$38,649
Loan Type
FHAAdjust Your Scenario
$19,900
$19,900$38,649
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.9% (FHA)
Blended Rate: 3.15%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,390/moAssumable @ 2.9% + gap loan
$1,800/moAssumed loan: $1,656/mo
Gap financing: $144/mo
$590less per month with the assumable
Your Savings on This Property
17820 96th, Commerce City · 2.9% FHA vs 6.5% conventional
$590
per month
$7,080
per year
$212,408
over 30 years
$250,833
interest saved
How gap financing works: The equity gap ($38,649) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,900, 5% of purchase price) and a second mortgage for the rest ($18,749 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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