Loan Comparison: 2.89% vs 6.5%
11402 Chambers, Commerce City, CO 80022 · 4bd/5ba · $650,000
List Price
$650,000
Assumable Rate
2.89%
Remaining Balance
$461,716
Equity Gap
$237,571
Loan Type
FHAAdjust Your Scenario
$32,500
$32,500$237,571
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.89% (FHA)
Blended Rate: 4.62%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,903/moAssumable @ 2.89% + gap loan
$3,496/moAssumed loan: $1,919/mo
Gap financing: $1,577/mo
$407less per month with the assumable
Your Savings on This Property
11402 Chambers, Commerce City · 2.89% FHA vs 6.5% conventional
$407
per month
$4,882
per year
$146,474
over 30 years
$195,761
interest saved
How gap financing works: The equity gap ($237,571) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($32,500, 5% of purchase price) and a second mortgage for the rest ($205,071 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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