Loan Comparison: 3.62% vs 6.5%
6567 62nd, Commerce City, CO 80022 · 4bd/3ba · $385,000
List Price
$385,000
Assumable Rate
3.62%
Remaining Balance
$281,299
Equity Gap
$114,532
Loan Type
FHAAdjust Your Scenario
$19,250
$19,250$114,532
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.62% (FHA)
Blended Rate: 4.85%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,312/moAssumable @ 3.62% + gap loan
$2,015/moAssumed loan: $1,282/mo
Gap financing: $733/mo
$297less per month with the assumable
Your Savings on This Property
6567 62nd, Commerce City · 3.62% FHA vs 6.5% conventional
$297
per month
$3,565
per year
$106,948
over 30 years
$117,779
interest saved
How gap financing works: The equity gap ($114,532) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,250, 5% of purchase price) and a second mortgage for the rest ($95,282 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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