Loan Comparison: 2.71% vs 6.5%
419 Lima Circle, Aurora, CO 80012 · 5bd/3ba · $480,000
List Price
$480,000
Assumable Rate
2.71%
Remaining Balance
$329,577
Equity Gap
$150,423
Loan Type
FHAAdjust Your Scenario
$24,000
$24,000$150,423
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.71% (FHA)
Blended Rate: 4.04%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,882/moAssumable @ 2.71% + gap loan
$2,222/moAssumed loan: $1,338/mo
Gap financing: $884/mo
$660less per month with the assumable
Your Savings on This Property
419 Lima Circle, Aurora · 2.71% FHA vs 6.5% conventional
$660
per month
$7,917
per year
$237,516
over 30 years
$237,516
interest saved
How gap financing works: The equity gap ($150,423) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,000, 5% of purchase price) and a second mortgage for the rest ($126,423 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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