Loan Comparison: 2.98% vs 6.5%
5703 Gibralter Way, Aurora, CO 80247 · 2bd/1ba · $270,000
List Price
$270,000
Assumable Rate
2.98%
Remaining Balance
$208,907
Equity Gap
$61,093
Loan Type
FHAAdjust Your Scenario
$13,500
$13,500$61,093
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (FHA)
Blended Rate: 3.82%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,621/moAssumable @ 2.98% + gap loan
$1,211/moAssumed loan: $879/mo
Gap financing: $333/mo
$410less per month with the assumable
Your Savings on This Property
5703 Gibralter Way, Aurora · 2.98% FHA vs 6.5% conventional
$410
per month
$4,920
per year
$147,589
over 30 years
$147,589
interest saved
How gap financing works: The equity gap ($61,093) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($13,500, 5% of purchase price) and a second mortgage for the rest ($47,593 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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