Loan Comparison: 3.1% vs 6.5%
19584 Ithaca Place, Aurora, CO 80013 · 4bd/4ba · $510,000
List Price
$510,000
Assumable Rate
3.1%
Remaining Balance
$361,486
Equity Gap
$148,514
Loan Type
FHAAdjust Your Scenario
$25,500
$25,500$148,514
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.1% (FHA)
Blended Rate: 4.22%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,062/moAssumable @ 3.1% + gap loan
$2,404/moAssumed loan: $1,544/mo
Gap financing: $860/mo
$659less per month with the assumable
Your Savings on This Property
19584 Ithaca Place, Aurora · 3.1% FHA vs 6.5% conventional
$659
per month
$7,904
per year
$237,108
over 30 years
$237,108
interest saved
How gap financing works: The equity gap ($148,514) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($25,500, 5% of purchase price) and a second mortgage for the rest ($123,014 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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