Loan Comparison: 2.89% vs 6.5%
1343 Havana Street, Aurora, CO 80010 · 4bd/4ba · $315,000
List Price
$315,000
Assumable Rate
2.89%
Remaining Balance
$242,292
Equity Gap
$72,708
Loan Type
FHAAdjust Your Scenario
$15,750
$15,750$72,708
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.89% (FHA)
Blended Rate: 3.77%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,891/moAssumable @ 2.89% + gap loan
$1,405/moAssumed loan: $1,007/mo
Gap financing: $398/mo
$486less per month with the assumable
Your Savings on This Property
1343 Havana Street, Aurora · 2.89% FHA vs 6.5% conventional
$486
per month
$5,832
per year
$174,964
over 30 years
$174,964
interest saved
How gap financing works: The equity gap ($72,708) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($15,750, 5% of purchase price) and a second mortgage for the rest ($56,958 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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