Loan Comparison: 2.97% vs 6.5%
1263 Idalia Street, Aurora, CO 80017 · 4bd/2ba · $237,000
List Price
$237,000
Assumable Rate
2.97%
Remaining Balance
$203,644
Equity Gap
$33,356
Loan Type
FHAAdjust Your Scenario
$11,850
$11,850$33,356
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.97% (FHA)
Blended Rate: 3.40%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,423/moAssumable @ 2.97% + gap loan
$1,006/moAssumed loan: $855/mo
Gap financing: $150/mo
$417less per month with the assumable
Your Savings on This Property
1263 Idalia Street, Aurora · 2.97% FHA vs 6.5% conventional
$417
per month
$5,009
per year
$150,281
over 30 years
$150,281
interest saved
How gap financing works: The equity gap ($33,356) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($11,850, 5% of purchase price) and a second mortgage for the rest ($21,506 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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