Loan Comparison: 3.02% vs 6.5%
2295 Pitkin Way, Aurora, CO 80013 · 5bd/2ba · $299,500
List Price
$299,500
Assumable Rate
3.02%
Remaining Balance
$170,705
Equity Gap
$128,794
Loan Type
FHAAdjust Your Scenario
$14,975
$14,975$128,794
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.02% (FHA)
Blended Rate: 4.81%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,798/moAssumable @ 3.02% + gap loan
$1,517/moAssumed loan: $722/mo
Gap financing: $796/mo
$281less per month with the assumable
Your Savings on This Property
2295 Pitkin Way, Aurora · 3.02% FHA vs 6.5% conventional
$281
per month
$3,372
per year
$101,164
over 30 years
$101,163
interest saved
How gap financing works: The equity gap ($128,794) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($14,975, 5% of purchase price) and a second mortgage for the rest ($113,819 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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