Loan Comparison: 3.16% vs 6.5%
858 Granby, Aurora, CO 80012 · 2bd/3ba · $340,000
List Price
$340,000
Assumable Rate
3.16%
Remaining Balance
$268,410
Equity Gap
$71,590
Loan Type
FHAAdjust Your Scenario
$17,000
$17,000$71,590
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.16% (FHA)
Blended Rate: 4.06%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,042/moAssumable @ 3.16% + gap loan
$1,575/moAssumed loan: $1,155/mo
Gap financing: $420/mo
$467less per month with the assumable
Your Savings on This Property
858 Granby, Aurora · 3.16% FHA vs 6.5% conventional
$467
per month
$5,603
per year
$168,087
over 30 years
$168,087
interest saved
How gap financing works: The equity gap ($71,590) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,000, 5% of purchase price) and a second mortgage for the rest ($54,590 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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