Loan Comparison: 2.98% vs 6.5%
10171 Joplin, Commerce City, CO 80022 · 4bd/3ba · $585,000
List Price
$585,000
Assumable Rate
2.98%
Remaining Balance
$328,982
Equity Gap
$258,181
Loan Type
FHAAdjust Your Scenario
$29,250
$29,250$258,181
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (FHA)
Blended Rate: 5.25%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,513/moAssumable @ 2.98% + gap loan
$3,144/moAssumed loan: $1,383/mo
Gap financing: $1,760/mo
$369less per month with the assumable
Your Savings on This Property
10171 Joplin, Commerce City · 2.98% FHA vs 6.5% conventional
$369
per month
$4,428
per year
$132,833
over 30 years
$134,996
interest saved
How gap financing works: The equity gap ($258,181) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($29,250, 5% of purchase price) and a second mortgage for the rest ($228,931 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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