Loan Comparison: 4.37% vs 6.5%
1996 Lima Street, Aurora, CO 80010 · 1bd/1ba · $350,000
List Price
$350,000
Assumable Rate
4.37%
Remaining Balance
$251,459
Equity Gap
$98,540
Loan Type
FHAAdjust Your Scenario
$17,500
$17,500$98,540
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4.37% (FHA)
Blended Rate: 5.13%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,102/moAssumable @ 4.37% + gap loan
$1,821/moAssumed loan: $1,255/mo
Gap financing: $567/mo
$280less per month with the assumable
Your Savings on This Property
1996 Lima Street, Aurora · 4.37% FHA vs 6.5% conventional
$280
per month
$3,363
per year
$100,882
over 30 years
$100,881
interest saved
How gap financing works: The equity gap ($98,540) 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 ($81,040 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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