Loan Comparison: 4.98% vs 6.5%
832 Elmira, Aurora, CO 80010 · 2bd/3ba · $455,000
List Price
$455,000
Assumable Rate
4.98%
Remaining Balance
$307,300
Equity Gap
$147,700
Loan Type
FHAAdjust Your Scenario
$22,750
$22,750$147,700
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4.98% (FHA)
Blended Rate: 6.00%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,732/moAssumable @ 4.98% + gap loan
$2,607/moAssumed loan: $1,646/mo
Gap financing: $961/mo
$125less per month with the assumable
Your Savings on This Property
832 Elmira, Aurora · 4.98% FHA vs 6.5% conventional
$125
per month
$1,505
per year
$45,165
over 30 years
$45,165
interest saved
How gap financing works: The equity gap ($147,700) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,750, 5% of purchase price) and a second mortgage for the rest ($124,950 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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