Loan Comparison: 4.05% vs 6.5%
21288 Powers Place, Aurora, CO 80015 · 4bd/3ba · $465,000
List Price
$465,000
Assumable Rate
4.05%
Remaining Balance
$266,491
Equity Gap
$198,508
Loan Type
FHAAdjust Your Scenario
$23,250
$23,250$198,508
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4.05% (FHA)
Blended Rate: 5.42%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,792/moAssumable @ 4.05% + gap loan
$2,505/moAssumed loan: $1,280/mo
Gap financing: $1,225/mo
$287less per month with the assumable
Your Savings on This Property
21288 Powers Place, Aurora · 4.05% FHA vs 6.5% conventional
$287
per month
$3,441
per year
$103,237
over 30 years
$103,236
interest saved
How gap financing works: The equity gap ($198,508) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,250, 5% of purchase price) and a second mortgage for the rest ($175,258 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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