Loan Comparison: 3.04% vs 6.5%
21895 44th Place, Aurora, CO 80017 · 3bd/2ba · $510,000
List Price
$510,000
Assumable Rate
3.04%
Remaining Balance
$369,085
Equity Gap
$140,915
Loan Type
FHAAdjust Your Scenario
$25,500
$25,500$140,915
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.04% (FHA)
Blended Rate: 4.10%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,062/moAssumable @ 3.04% + gap loan
$2,371/moAssumed loan: $1,564/mo
Gap financing: $807/mo
$691less per month with the assumable
Your Savings on This Property
21895 44th Place, Aurora · 3.04% FHA vs 6.5% conventional
$691
per month
$8,296
per year
$248,875
over 30 years
$248,875
interest saved
How gap financing works: The equity gap ($140,915) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($25,500, 5% of purchase price) and a second mortgage for the rest ($115,415 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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