Loan Comparison: 2.99% vs 6.5%
4221 Quintero Way, Aurora, CO 80013 · 4bd/2ba · $450,000
List Price
$450,000
Assumable Rate
2.99%
Remaining Balance
$341,862
Equity Gap
$108,137
Loan Type
FHAAdjust Your Scenario
$22,500
$22,500$108,137
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.99% (FHA)
Blended Rate: 3.89%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,702/moAssumable @ 2.99% + gap loan
$2,038/moAssumed loan: $1,439/mo
Gap financing: $599/mo
$664less per month with the assumable
Your Savings on This Property
4221 Quintero Way, Aurora · 2.99% FHA vs 6.5% conventional
$664
per month
$7,966
per year
$238,984
over 30 years
$238,983
interest saved
How gap financing works: The equity gap ($108,137) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,500, 5% of purchase price) and a second mortgage for the rest ($85,637 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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