Loan Comparison: 2.39% vs 6.5%
1505 Ouray, Aurora, CO 80017 · 1bd/1ba · $219,900
List Price
$219,900
Assumable Rate
2.39%
Remaining Balance
$190,724
Equity Gap
$29,176
Loan Type
FHAAdjust Your Scenario
$10,995
$10,995$29,176
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.39% (FHA)
Blended Rate: 2.92%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,320/moAssumable @ 2.39% + gap loan
$883/moAssumed loan: $743/mo
Gap financing: $140/mo
$438less per month with the assumable
Your Savings on This Property
1505 Ouray, Aurora · 2.39% FHA vs 6.5% conventional
$438
per month
$5,255
per year
$157,643
over 30 years
$157,643
interest saved
How gap financing works: The equity gap ($29,176) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($10,995, 5% of purchase price) and a second mortgage for the rest ($18,181 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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