Loan Comparison: 3.61% vs 6.5%
1662 Idalia, Aurora, CO 80017 Ā· 2bd/2ba Ā· $304,999
List Price
$304,999
Assumable Rate
3.61%
Remaining Balance
$189,848
Equity Gap
$115,151
Loan Type
FHAAdjust Your Scenario
$15,250
$15,250$115,151
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.61% (FHA)
Blended Rate: 5.30%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,831/moAssumable @ 3.61% + gap loan
$1,632/moAssumed loan: $864/mo
Gap financing: $768/mo
$199less per month with the assumable
Your Savings on This Property
1662 Idalia, Aurora Ā· 3.61% FHA vs 6.5% conventional
$199
per month
$2,389
per year
$71,660
over 30 years
$71,660
interest saved
How gap financing works: The equity gap ($115,151) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($15,250, 5% of purchase price) and a second mortgage for the rest ($99,901 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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