Loan Comparison: 1% vs 6.5%
908 Iola, Aurora, CO 80012 · 2bd/2ba · $199,999
List Price
$199,999
Assumable Rate
1%
Remaining Balance
$0
Equity Gap
$199,999
Loan Type
FHAAdjust Your Scenario
$10,000
$10,000$199,999
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 1% (FHA)
Blended Rate: 8.50%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,201/moAssumable @ 1% + gap loan
$1,461/moAssumed loan: $0/mo
Gap financing: $1,461/mo
Your Savings on This Property
908 Iola, Aurora · 1% 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 ($199,999) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($10,000, 5% of purchase price) and a second mortgage for the rest ($189,999 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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