Loan Comparison: 2.98% vs 6.5%
2265 Kenton Street, Aurora, CO 80017 · 2bd/1ba · $459,000
List Price
$459,000
Assumable Rate
2.98%
Remaining Balance
$383,098
Equity Gap
$75,901
Loan Type
FHAAdjust Your Scenario
$22,950
$22,950$75,901
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (FHA)
Blended Rate: 3.53%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,756/moAssumable @ 2.98% + gap loan
$1,981/moAssumed loan: $1,611/mo
Gap financing: $370/mo
$775less per month with the assumable
Your Savings on This Property
2265 Kenton Street, Aurora · 2.98% FHA vs 6.5% conventional
$775
per month
$9,298
per year
$278,951
over 30 years
$278,950
interest saved
How gap financing works: The equity gap ($75,901) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,950, 5% of purchase price) and a second mortgage for the rest ($52,951 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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