Loan Comparison: 2.84% vs 6.5%
7895 Pontiac, Commerce City, CO 80022 · 2bd/1ba · $399,999
List Price
$399,999
Assumable Rate
2.84%
Remaining Balance
$298,869
Equity Gap
$113,263
Loan Type
FHAAdjust Your Scenario
$20,000
$20,000$113,263
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.84% (FHA)
Blended Rate: 4.19%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,402/moAssumable @ 2.84% + gap loan
$1,952/moAssumed loan: $1,234/mo
Gap financing: $717/mo
$450less per month with the assumable
Your Savings on This Property
7895 Pontiac, Commerce City · 2.84% FHA vs 6.5% conventional
$450
per month
$5,404
per year
$162,122
over 30 years
$174,255
interest saved
How gap financing works: The equity gap ($113,263) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,000, 5% of purchase price) and a second mortgage for the rest ($93,263 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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