Loan Comparison: 2.83% vs 6.5%
17600 Loyola, Aurora, CO 80013 · 1bd/1ba · $194,000
List Price
$194,000
Assumable Rate
2.83%
Remaining Balance
$164,201
Equity Gap
$29,798
Loan Type
FHAAdjust Your Scenario
$9,700
$9,700$29,798
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.83% (FHA)
Blended Rate: 3.45%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,165/moAssumable @ 2.83% + gap loan
$832/moAssumed loan: $677/mo
Gap financing: $155/mo
$333less per month with the assumable
Your Savings on This Property
17600 Loyola, Aurora · 2.83% FHA vs 6.5% conventional
$333
per month
$3,997
per year
$119,898
over 30 years
$119,897
interest saved
How gap financing works: The equity gap ($29,798) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($9,700, 5% of purchase price) and a second mortgage for the rest ($20,098 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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