Loan Comparison: 3.02% vs 6.5%
13606 Bates, Aurora, CO 80014 · 2bd/2ba · $189,000
List Price
$189,000
Assumable Rate
3.02%
Remaining Balance
$167,990
Equity Gap
$20,624
Loan Type
FHAAdjust Your Scenario
$9,450
$9,450$20,624
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.02% (FHA)
Blended Rate: 3.36%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,135/moAssumable @ 3.02% + gap loan
$796/moAssumed loan: $710/mo
Gap financing: $86/mo
$339less per month with the assumable
Your Savings on This Property
13606 Bates, Aurora · 3.02% FHA vs 6.5% conventional
$339
per month
$4,067
per year
$122,002
over 30 years
$121,616
interest saved
How gap financing works: The equity gap ($20,624) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($9,450, 5% of purchase price) and a second mortgage for the rest ($11,174 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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