Loan Comparison: 2.99% vs 6.5%
17645 Loyola Drive, Aurora, CO 80013 · 5bd/2ba · $290,000
List Price
$290,000
Assumable Rate
2.99%
Remaining Balance
$217,973
Equity Gap
$72,026
Loan Type
FHAAdjust Your Scenario
$14,500
$14,500$72,026
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.99% (FHA)
Blended Rate: 3.93%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,741/moAssumable @ 2.99% + gap loan
$1,320/moAssumed loan: $918/mo
Gap financing: $402/mo
$421less per month with the assumable
Your Savings on This Property
17645 Loyola Drive, Aurora · 2.99% FHA vs 6.5% conventional
$421
per month
$5,056
per year
$151,671
over 30 years
$151,670
interest saved
How gap financing works: The equity gap ($72,026) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($14,500, 5% of purchase price) and a second mortgage for the rest ($57,526 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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