Loan Comparison: 3.69% vs 6.5%
10293 Norfolk, Commerce City, CO 80022 · 4bd/4ba · $665,000
List Price
$665,000
Assumable Rate
3.69%
Remaining Balance
$308,646
Equity Gap
$358,069
Loan Type
FHAAdjust Your Scenario
$33,250
$33,250$358,069
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.69% (FHA)
Blended Rate: 6.16%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,993/moAssumable @ 3.69% + gap loan
$3,916/moAssumed loan: $1,419/mo
Gap financing: $2,498/mo
$77less per month with the assumable
Your Savings on This Property
10293 Norfolk, Commerce City · 3.69% FHA vs 6.5% conventional
$77
per month
$919
per year
$27,581
over 30 years
$29,296
interest saved
How gap financing works: The equity gap ($358,069) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($33,250, 5% of purchase price) and a second mortgage for the rest ($324,819 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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