Loan Comparison: 2.87% vs 6.5%
21916 Costilla, Aurora, CO 80016 · 5bd/4ba · $925,000
List Price
$925,000
Assumable Rate
2.87%
Remaining Balance
$436,519
Equity Gap
$488,481
Loan Type
FHAAdjust Your Scenario
$46,250
$46,250$488,481
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.87% (FHA)
Blended Rate: 5.70%
Monthly Payment Comparison
New Conventional @ 6.5%
$5,554/moAssumable @ 2.87% + gap loan
$5,210/moAssumed loan: $1,810/mo
Gap financing: $3,400/mo
$344less per month with the assumable
Your Savings on This Property
21916 Costilla, Aurora · 2.87% FHA vs 6.5% conventional
$344
per month
$4,128
per year
$123,842
over 30 years
$123,842
interest saved
How gap financing works: The equity gap ($488,481) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($46,250, 5% of purchase price) and a second mortgage for the rest ($442,231 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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