Loan Comparison: 3.16% vs 6.5%
9665 105th, Commerce City, CO 80640 · 5bd/4ba · $589,000
List Price
$589,000
Assumable Rate
3.16%
Remaining Balance
$391,690
Equity Gap
$197,310
Loan Type
FHAAdjust Your Scenario
$29,450
$29,450$197,310
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.16% (FHA)
Blended Rate: 4.76%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,537/moAssumable @ 3.16% + gap loan
$2,976/moAssumed loan: $1,685/mo
Gap financing: $1,291/mo
$561less per month with the assumable
Your Savings on This Property
9665 105th, Commerce City · 3.16% FHA vs 6.5% conventional
$561
per month
$6,728
per year
$201,840
over 30 years
$201,840
interest saved
How gap financing works: The equity gap ($197,310) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($29,450, 5% of purchase price) and a second mortgage for the rest ($167,860 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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