Loan Comparison: 4.98% vs 6.5%
832 Elmira, Aurora, CO 80010 · 2bd/3ba · $445,000
List Price
$445,000
Assumable Rate
4.98%
Remaining Balance
$305,877
Equity Gap
$139,123
Loan Type
FHAAdjust Your Scenario
$22,250
$22,250$139,123
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4.98% (FHA)
Blended Rate: 5.95%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,672/moAssumable @ 4.98% + gap loan
$2,537/moAssumed loan: $1,638/mo
Gap financing: $899/mo
$135less per month with the assumable
Your Savings on This Property
832 Elmira, Aurora · 4.98% FHA vs 6.5% conventional
$135
per month
$1,622
per year
$48,650
over 30 years
$48,650
interest saved
How gap financing works: The equity gap ($139,123) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,250, 5% of purchase price) and a second mortgage for the rest ($116,873 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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