Loan Comparison: 3.19% vs 6.5%
17477 Rice, Aurora, CO 80015 · 1bd/1ba · $199,000
List Price
$199,000
Assumable Rate
3.19%
Remaining Balance
$113,600
Equity Gap
$85,399
Loan Type
FHAAdjust Your Scenario
$9,950
$9,950$85,399
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.19% (FHA)
Blended Rate: 5.31%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,195/moAssumable @ 3.19% + gap loan
$1,071/moAssumed loan: $491/mo
Gap financing: $580/mo
$124less per month with the assumable
Your Savings on This Property
17477 Rice, Aurora · 3.19% FHA vs 6.5% conventional
$124
per month
$1,490
per year
$44,685
over 30 years
$44,684
interest saved
How gap financing works: The equity gap ($85,399) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($9,950, 5% of purchase price) and a second mortgage for the rest ($75,449 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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