Loan Comparison: 2.93% vs 6.5%
7147 Versailles Street, Aurora, CO 80134 · 5bd/5ba · $615,000
List Price
$615,000
Assumable Rate
2.93%
Remaining Balance
$380,900
Equity Gap
$234,100
Loan Type
FHAAdjust Your Scenario
$30,750
$30,750$234,100
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.93% (FHA)
Blended Rate: 4.52%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,693/moAssumable @ 2.93% + gap loan
$3,013/moAssumed loan: $1,592/mo
Gap financing: $1,422/mo
$679less per month with the assumable
Your Savings on This Property
7147 Versailles Street, Aurora · 2.93% FHA vs 6.5% conventional
$679
per month
$8,154
per year
$244,605
over 30 years
$244,605
interest saved
How gap financing works: The equity gap ($234,100) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($30,750, 5% of purchase price) and a second mortgage for the rest ($203,350 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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