Loan Comparison: 3.61% vs 6.5%
16222 Flora Place, Aurora, CO 80013 · 6bd/5ba · $349,000
List Price
$349,000
Assumable Rate
3.61%
Remaining Balance
$239,728
Equity Gap
$109,271
Loan Type
FHAAdjust Your Scenario
$17,450
$17,450$109,271
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.61% (FHA)
Blended Rate: 4.69%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,096/moAssumable @ 3.61% + gap loan
$1,733/moAssumed loan: $1,091/mo
Gap financing: $642/mo
$362less per month with the assumable
Your Savings on This Property
16222 Flora Place, Aurora · 3.61% FHA vs 6.5% conventional
$362
per month
$4,348
per year
$130,441
over 30 years
$130,440
interest saved
How gap financing works: The equity gap ($109,271) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,450, 5% of purchase price) and a second mortgage for the rest ($91,821 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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