Loan Comparison: 4.98% vs 6.5%
832 Elmira Street, Aurora, CO 80010 · 3bd/3ba · $435,000
List Price
$435,000
Assumable Rate
4.98%
Remaining Balance
$304,919
Equity Gap
$130,081
Loan Type
FHAAdjust Your Scenario
$21,750
$21,750$130,081
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4.98% (FHA)
Blended Rate: 5.64%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,612/moAssumable @ 4.98% + gap loan
$2,391/moAssumed loan: $1,633/mo
Gap financing: $757/mo
$221less per month with the assumable
Your Savings on This Property
832 Elmira Street, Aurora · 4.98% FHA vs 6.5% conventional
$221
per month
$2,657
per year
$79,707
over 30 years
$79,707
interest saved
How gap financing works: The equity gap ($130,081) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,750, 5% of purchase price) and a second mortgage for the rest ($108,331 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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