Loan Comparison: 2.87% vs 6.5%
21916 Costilla, Aurora, CO 80016 · 5bd/4ba · $850,000
List Price
$850,000
Assumable Rate
2.87%
Remaining Balance
$435,554
Equity Gap
$411,558
Loan Type
FHAAdjust Your Scenario
$42,500
$42,500$411,558
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.87% (FHA)
Blended Rate: 5.45%
Monthly Payment Comparison
New Conventional @ 6.5%
$5,104/moAssumable @ 2.87% + gap loan
$4,644/moAssumed loan: $1,806/mo
Gap financing: $2,838/mo
$460less per month with the assumable
Your Savings on This Property
21916 Costilla, Aurora · 2.87% FHA vs 6.5% conventional
$460
per month
$5,524
per year
$165,706
over 30 years
$162,818
interest saved
How gap financing works: The equity gap ($411,558) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($42,500, 5% of purchase price) and a second mortgage for the rest ($369,058 at 8.5%). 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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