Loan Comparison: 2.85% vs 6.5%
25190 Nova, Aurora, CO 80016 · 5bd/5ba · $915,000
List Price
$915,000
Assumable Rate
2.85%
Remaining Balance
$508,354
Equity Gap
$406,645
Loan Type
FHAAdjust Your Scenario
$45,750
$45,750$406,645
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.85% (FHA)
Blended Rate: 5.20%
Monthly Payment Comparison
New Conventional @ 6.5%
$5,494/moAssumable @ 2.85% + gap loan
$4,877/moAssumed loan: $2,102/mo
Gap financing: $2,775/mo
$617less per month with the assumable
Your Savings on This Property
25190 Nova, Aurora · 2.85% FHA vs 6.5% conventional
$617
per month
$7,403
per year
$222,100
over 30 years
$222,099
interest saved
How gap financing works: The equity gap ($406,645) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($45,750, 5% of purchase price) and a second mortgage for the rest ($360,895 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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