Loan Comparison: 2.74% vs 6.5%
1242 Idalia Street, Aurora, CO 80017 · 2bd/3ba · $299,999
List Price
$299,999
Assumable Rate
2.74%
Remaining Balance
$236,121
Equity Gap
$63,878
Loan Type
FHAAdjust Your Scenario
$15,000
$15,000$63,878
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.74% (FHA)
Blended Rate: 3.56%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,801/moAssumable @ 2.74% + gap loan
$1,304/moAssumed loan: $963/mo
Gap financing: $342/mo
$497less per month with the assumable
Your Savings on This Property
1242 Idalia Street, Aurora · 2.74% FHA vs 6.5% conventional
$497
per month
$5,963
per year
$178,896
over 30 years
$178,896
interest saved
How gap financing works: The equity gap ($63,878) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($15,000, 5% of purchase price) and a second mortgage for the rest ($48,878 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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