Loan Comparison: 2.88% vs 6.5%
2879 Memphis Street, Aurora, CO 80014 · 2bd/2ba · $389,900
List Price
$389,900
Assumable Rate
2.88%
Remaining Balance
$324,136
Equity Gap
$65,763
Loan Type
FHAAdjust Your Scenario
$19,495
$19,495$65,763
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.88% (FHA)
Blended Rate: 3.46%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,341/moAssumable @ 2.88% + gap loan
$1,669/moAssumed loan: $1,346/mo
Gap financing: $324/mo
$672less per month with the assumable
Your Savings on This Property
2879 Memphis Street, Aurora · 2.88% FHA vs 6.5% conventional
$672
per month
$8,064
per year
$241,926
over 30 years
$241,925
interest saved
How gap financing works: The equity gap ($65,763) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,495, 5% of purchase price) and a second mortgage for the rest ($46,268 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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