Loan Comparison: 3.24% vs 6.5%
2503 Argonne Street, Aurora, CO 80013 · 3bd/2ba · $532,000
List Price
$532,000
Assumable Rate
3.24%
Remaining Balance
$317,551
Equity Gap
$214,448
Loan Type
FHAAdjust Your Scenario
$26,600
$26,600$214,448
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.24% (FHA)
Blended Rate: 4.82%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,194/moAssumable @ 3.24% + gap loan
$2,694/moAssumed loan: $1,380/mo
Gap financing: $1,313/mo
$501less per month with the assumable
Your Savings on This Property
2503 Argonne Street, Aurora · 3.24% FHA vs 6.5% conventional
$501
per month
$6,009
per year
$180,271
over 30 years
$180,270
interest saved
How gap financing works: The equity gap ($214,448) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($26,600, 5% of purchase price) and a second mortgage for the rest ($187,848 at 7.5%). 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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