Loan Comparison: 5.25% vs 6.5%
2514 Elkhart Street, Aurora, CO 80014 · 2bd/2ba · $520,000
List Price
$520,000
Assumable Rate
5.25%
Remaining Balance
$487,477
Equity Gap
$32,522
Loan Type
FHAAdjust Your Scenario
$26,000
$26,000$32,522
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.25% (FHA)
Blended Rate: 5.28%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,122/moAssumable @ 5.25% + gap loan
$2,737/moAssumed loan: $2,692/mo
Gap financing: $46/mo
$385less per month with the assumable
Your Savings on This Property
2514 Elkhart Street, Aurora · 5.25% FHA vs 6.5% conventional
$385
per month
$4,619
per year
$138,581
over 30 years
$138,580
interest saved
How gap financing works: The equity gap ($32,522) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($26,000, 5% of purchase price) and a second mortgage for the rest ($6,522 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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