Loan Comparison: 2.84% vs 6.5%
1861 Dunkirk Street, Aurora, CO 80017 · 2bd/3ba · $285,000
List Price
$285,000
Assumable Rate
2.84%
Remaining Balance
$230,290
Equity Gap
$54,709
Loan Type
FHAAdjust Your Scenario
$14,250
$14,250$54,709
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.84% (FHA)
Blended Rate: 3.54%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,711/moAssumable @ 2.84% + gap loan
$1,234/moAssumed loan: $951/mo
Gap financing: $283/mo
$477less per month with the assumable
Your Savings on This Property
1861 Dunkirk Street, Aurora · 2.84% FHA vs 6.5% conventional
$477
per month
$5,727
per year
$171,819
over 30 years
$171,818
interest saved
How gap financing works: The equity gap ($54,709) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($14,250, 5% of purchase price) and a second mortgage for the rest ($40,459 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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