Loan Comparison: 6% vs 6.5%
941 Ironton Street, Aurora, CO 80012 · 2bd/2ba · $459,900
List Price
$459,900
Assumable Rate
6%
Remaining Balance
$68,197
Equity Gap
$391,703
Loan Type
FHAAdjust Your Scenario
$22,995
$22,995$391,703
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6% (FHA)
Blended Rate: 7.27%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,762/moAssumable @ 6% + gap loan
$2,987/moAssumed loan: $409/mo
Gap financing: $2,578/mo
Your Savings on This Property
941 Ironton Street, Aurora · 6% FHA vs 6.5% conventional
$0
per month
$0
per year
$0
over 30 years
$0
interest saved
How gap financing works: The equity gap ($391,703) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,995, 5% of purchase price) and a second mortgage for the rest ($368,708 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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