Loan Comparison: 2.74% vs 6.5%
12446 Alaska, Aurora, CO 80012 · 4bd/3ba · $450,000
List Price
$450,000
Assumable Rate
2.74%
Remaining Balance
$356,884
Equity Gap
$91,469
Loan Type
FHAAdjust Your Scenario
$22,500
$22,500$91,469
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.74% (FHA)
Blended Rate: 3.67%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,702/moAssumable @ 2.74% + gap loan
$1,985/moAssumed loan: $1,455/mo
Gap financing: $530/mo
$717less per month with the assumable
Your Savings on This Property
12446 Alaska, Aurora · 2.74% FHA vs 6.5% conventional
$717
per month
$8,601
per year
$258,020
over 30 years
$256,373
interest saved
How gap financing works: The equity gap ($91,469) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,500, 5% of purchase price) and a second mortgage for the rest ($68,969 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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