Loan Comparison: 2.83% vs 6.5%
24798 Florida, Aurora, CO 80018 · 4bd/3ba · $569,950
List Price
$569,950
Assumable Rate
2.83%
Remaining Balance
$181,324
Equity Gap
$388,625
Loan Type
FHAAdjust Your Scenario
$28,498
$28,498$388,625
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.83% (FHA)
Blended Rate: 6.60%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,422/moAssumable @ 2.83% + gap loan
$3,517/moAssumed loan: $748/mo
Gap financing: $2,769/mo
Your Savings on This Property
24798 Florida, Aurora · 2.83% FHA vs 6.5% conventional
$0
per month
$0
per year
$0
over 30 years
$0
interest saved
How gap financing works: The equity gap ($388,625) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($28,498, 5% of purchase price) and a second mortgage for the rest ($360,127 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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