Loan Comparison: 2.39% vs 6.5%
635 Joplin Street, Aurora, CO 80017 · 5bd/3ba · $455,000
List Price
$455,000
Assumable Rate
2.39%
Remaining Balance
$130,331
Equity Gap
$324,669
Loan Type
FHAAdjust Your Scenario
$22,750
$22,750$324,669
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.39% (FHA)
Blended Rate: 5.96%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,732/moAssumable @ 2.39% + gap loan
$2,619/moAssumed loan: $508/mo
Gap financing: $2,111/mo
$114less per month with the assumable
Your Savings on This Property
635 Joplin Street, Aurora · 2.39% FHA vs 6.5% conventional
$114
per month
$1,362
per year
$40,864
over 30 years
$40,864
interest saved
How gap financing works: The equity gap ($324,669) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,750, 5% of purchase price) and a second mortgage for the rest ($301,919 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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