Loan Comparison: 2.96% vs 6.5%
2939 Lansing Way, Aurora, CO 80249 · 2bd/2ba · $350,000
List Price
$350,000
Assumable Rate
2.96%
Remaining Balance
$221,632
Equity Gap
$128,368
Loan Type
FHAAdjust Your Scenario
$17,500
$17,500$128,368
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (FHA)
Blended Rate: 4.47%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,102/moAssumable @ 2.96% + gap loan
$1,705/moAssumed loan: $930/mo
Gap financing: $775/mo
$397less per month with the assumable
Your Savings on This Property
2939 Lansing Way, Aurora · 2.96% FHA vs 6.5% conventional
$397
per month
$4,761
per year
$142,843
over 30 years
$142,843
interest saved
How gap financing works: The equity gap ($128,368) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,500, 5% of purchase price) and a second mortgage for the rest ($110,868 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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