Loan Comparison: 2.84% vs 6.5%
7895 Pontiac, Commerce City, CO 80022 · 2bd/1ba · $389,999
List Price
$389,999
Assumable Rate
2.84%
Remaining Balance
$286,096
Equity Gap
$103,263
Loan Type
FHAAdjust Your Scenario
$19,500
$19,500$103,263
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.84% (FHA)
Blended Rate: 4.12%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,342/moAssumable @ 2.84% + gap loan
$1,826/moAssumed loan: $1,182/mo
Gap financing: $644/mo
$516less per month with the assumable
Your Savings on This Property
7895 Pontiac, Commerce City · 2.84% FHA vs 6.5% conventional
$516
per month
$6,193
per year
$185,794
over 30 years
$185,154
interest saved
How gap financing works: The equity gap ($103,263) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,500, 5% of purchase price) and a second mortgage for the rest ($83,763 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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