Loan Comparison: 2.89% vs 6.5%
6861 Ivy, Commerce City, CO 80022 · 4bd/2ba · $460,000
List Price
$460,000
Assumable Rate
2.89%
Remaining Balance
$305,946
Equity Gap
$168,548
Loan Type
FHAAdjust Your Scenario
$23,000
$23,000$168,548
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.89% (FHA)
Blended Rate: 4.70%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,762/moAssumable @ 2.89% + gap loan
$2,391/moAssumed loan: $1,272/mo
Gap financing: $1,119/mo
$371less per month with the assumable
Your Savings on This Property
6861 Ivy, Commerce City · 2.89% FHA vs 6.5% conventional
$371
per month
$4,454
per year
$133,631
over 30 years
$148,125
interest saved
How gap financing works: The equity gap ($168,548) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,000, 5% of purchase price) and a second mortgage for the rest ($145,548 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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