Loan Comparison: 5.23% vs 6.5%
11688 Cedar, Aurora, CO 80012 · 2bd/2ba · $348,000
List Price
$348,000
Assumable Rate
5.23%
Remaining Balance
$314,777
Equity Gap
$33,222
Loan Type
FHAAdjust Your Scenario
$17,400
$17,400$33,222
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.23% (FHA)
Blended Rate: 5.39%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,090/moAssumable @ 5.23% + gap loan
$1,856/moAssumed loan: $1,734/mo
Gap financing: $122/mo
$234less per month with the assumable
Your Savings on This Property
11688 Cedar, Aurora · 5.23% FHA vs 6.5% conventional
$234
per month
$2,804
per year
$84,113
over 30 years
$84,112
interest saved
How gap financing works: The equity gap ($33,222) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,400, 5% of purchase price) and a second mortgage for the rest ($15,822 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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