Loan Comparison: 6.26% vs 6.5%
16901 Chenango Avenue, Aurora, CO 80015 · 5bd/4ba · $265,000
List Price
$265,000
Assumable Rate
6.26%
Remaining Balance
$240,472
Equity Gap
$24,527
Loan Type
FHAAdjust Your Scenario
$13,250
$13,250$24,527
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.26% (FHA)
Blended Rate: 6.32%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,591/moAssumable @ 6.26% + gap loan
$1,561/moAssumed loan: $1,482/mo
Gap financing: $79/mo
$30less per month with the assumable
Your Savings on This Property
16901 Chenango Avenue, Aurora · 6.26% FHA vs 6.5% conventional
$30
per month
$362
per year
$10,868
over 30 years
$10,867
interest saved
How gap financing works: The equity gap ($24,527) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($13,250, 5% of purchase price) and a second mortgage for the rest ($11,277 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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