Loan Comparison: 2.84% vs 6.5%
15688 Mexico Avenue, Aurora, CO 80017 · 2bd/1ba · $345,000
List Price
$345,000
Assumable Rate
2.84%
Remaining Balance
$306,722
Equity Gap
$38,278
Loan Type
FHAAdjust Your Scenario
$17,250
$17,250$38,278
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.84% (FHA)
Blended Rate: 3.14%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,072/moAssumable @ 2.84% + gap loan
$1,414/moAssumed loan: $1,267/mo
Gap financing: $147/mo
$658less per month with the assumable
Your Savings on This Property
15688 Mexico Avenue, Aurora · 2.84% FHA vs 6.5% conventional
$658
per month
$7,893
per year
$236,785
over 30 years
$236,785
interest saved
How gap financing works: The equity gap ($38,278) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,250, 5% of purchase price) and a second mortgage for the rest ($21,028 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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