Loan Comparison: 3.62% vs 6.5%
15165 16th, Aurora, CO 80011 · 3bd/2ba · $279,900
List Price
$279,900
Assumable Rate
3.62%
Remaining Balance
$241,461
Equity Gap
$38,439
Loan Type
FHAAdjust Your Scenario
$13,995
$13,995$38,439
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.62% (FHA)
Blended Rate: 4.07%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,681/moAssumable @ 3.62% + gap loan
$1,288/moAssumed loan: $1,101/mo
Gap financing: $188/mo
$392less per month with the assumable
Your Savings on This Property
15165 16th, Aurora · 3.62% FHA vs 6.5% conventional
$392
per month
$4,707
per year
$141,207
over 30 years
$141,207
interest saved
How gap financing works: The equity gap ($38,439) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($13,995, 5% of purchase price) and a second mortgage for the rest ($24,444 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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