Loan Comparison: 3.02% vs 6.5%
13606 Bates, Aurora, CO 80014 · 2bd/2ba · $205,000
List Price
$205,000
Assumable Rate
3.02%
Remaining Balance
$186,667
Equity Gap
$36,624
Loan Type
FHAAdjust Your Scenario
$10,250
$10,250$36,624
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.02% (FHA)
Blended Rate: 3.70%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,231/moAssumable @ 3.02% + gap loan
$992/moAssumed loan: $789/mo
Gap financing: $203/mo
$239less per month with the assumable
Your Savings on This Property
13606 Bates, Aurora · 3.02% FHA vs 6.5% conventional
$239
per month
$2,870
per year
$86,094
over 30 years
$104,385
interest saved
How gap financing works: The equity gap ($36,624) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($10,250, 5% of purchase price) and a second mortgage for the rest ($26,374 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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