Loan Comparison: 6.24% vs 6.5%
7949 Elk Way, Aurora, CO 80016 · 5bd/4ba · $900,000
List Price
$900,000
Assumable Rate
6.24%
Remaining Balance
$777,406
Equity Gap
$122,593
Loan Type
FHAAdjust Your Scenario
$45,000
$45,000$122,593
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.24% (FHA)
Blended Rate: 6.35%
Monthly Payment Comparison
New Conventional @ 6.5%
$5,404/moAssumable @ 6.24% + gap loan
$5,324/moAssumed loan: $4,782/mo
Gap financing: $543/mo
$80less per month with the assumable
Your Savings on This Property
7949 Elk Way, Aurora · 6.24% FHA vs 6.5% conventional
$80
per month
$961
per year
$28,826
over 30 years
$28,825
interest saved
How gap financing works: The equity gap ($122,593) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($45,000, 5% of purchase price) and a second mortgage for the rest ($77,593 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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