Loan Comparison: 2.94% vs 6.5%
4442 Auckland Court, Aurora, CO 80015 · 3bd/3ba · $400,000
List Price
$400,000
Assumable Rate
2.94%
Remaining Balance
$167,456
Equity Gap
$232,543
Loan Type
FHAAdjust Your Scenario
$20,000
$20,000$232,543
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.94% (FHA)
Blended Rate: 5.49%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,402/moAssumable @ 2.94% + gap loan
$2,187/moAssumed loan: $701/mo
Gap financing: $1,486/mo
$215less per month with the assumable
Your Savings on This Property
4442 Auckland Court, Aurora · 2.94% FHA vs 6.5% conventional
$215
per month
$2,582
per year
$77,448
over 30 years
$77,447
interest saved
How gap financing works: The equity gap ($232,543) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,000, 5% of purchase price) and a second mortgage for the rest ($212,543 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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