Loan Comparison: 3.16% vs 6.5%
1318 Biscay, Aurora, CO 80017 · 3bd/3ba · $449,000
List Price
$449,000
Assumable Rate
3.16%
Remaining Balance
$331,261
Equity Gap
$130,479
Loan Type
FHAAdjust Your Scenario
$22,450
$22,450$130,479
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.16% (FHA)
Blended Rate: 4.47%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,696/moAssumable @ 3.16% + gap loan
$2,256/moAssumed loan: $1,425/mo
Gap financing: $831/mo
$440less per month with the assumable
Your Savings on This Property
1318 Biscay, Aurora · 3.16% FHA vs 6.5% conventional
$440
per month
$5,281
per year
$158,429
over 30 years
$171,169
interest saved
How gap financing works: The equity gap ($130,479) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,450, 5% of purchase price) and a second mortgage for the rest ($108,029 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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