Loan Comparison: 4.56% vs 6.5%
871 Victor Street, Aurora, CO 80011 · 4bd/2ba · $350,000
List Price
$350,000
Assumable Rate
4.56%
Remaining Balance
$240,722
Equity Gap
$109,278
Loan Type
FHAAdjust Your Scenario
$17,500
$17,500$109,278
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4.56% (FHA)
Blended Rate: 5.37%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,102/moAssumable @ 4.56% + gap loan
$1,870/moAssumed loan: $1,228/mo
Gap financing: $642/mo
$232less per month with the assumable
Your Savings on This Property
871 Victor Street, Aurora · 4.56% FHA vs 6.5% conventional
$232
per month
$2,779
per year
$83,376
over 30 years
$83,376
interest saved
How gap financing works: The equity gap ($109,278) 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 ($91,778 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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