Loan Comparison: 6.13% vs 6.5%
1309 Florence Street, Aurora, CO 80010 · 3bd/2ba · $407,000
List Price
$407,000
Assumable Rate
6.13%
Remaining Balance
$366,480
Equity Gap
$40,519
Loan Type
FHAAdjust Your Scenario
$20,350
$20,350$40,519
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.13% (FHA)
Blended Rate: 6.20%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,444/moAssumable @ 6.13% + gap loan
$2,369/moAssumed loan: $2,228/mo
Gap financing: $141/mo
$75less per month with the assumable
Your Savings on This Property
1309 Florence Street, Aurora · 6.13% FHA vs 6.5% conventional
$75
per month
$899
per year
$26,968
over 30 years
$26,967
interest saved
How gap financing works: The equity gap ($40,519) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,350, 5% of purchase price) and a second mortgage for the rest ($20,169 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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