Loan Comparison: 3.05% vs 6.5%
725 Kingston Street, Aurora, CO 80010 · 3bd/4ba · $355,000
List Price
$355,000
Assumable Rate
3.05%
Remaining Balance
$294,929
Equity Gap
$60,071
Loan Type
FHAAdjust Your Scenario
$17,750
$17,750$60,071
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.05% (FHA)
Blended Rate: 3.61%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,132/moAssumable @ 3.05% + gap loan
$1,547/moAssumed loan: $1,251/mo
Gap financing: $296/mo
$584less per month with the assumable
Your Savings on This Property
725 Kingston Street, Aurora · 3.05% FHA vs 6.5% conventional
$584
per month
$7,012
per year
$210,361
over 30 years
$210,361
interest saved
How gap financing works: The equity gap ($60,071) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,750, 5% of purchase price) and a second mortgage for the rest ($42,321 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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