Loan Comparison: 3.08% vs 6.5%
6070 Gibralter, Aurora, CO 80019 · 4bd/3ba · $560,000
List Price
$560,000
Assumable Rate
3.08%
Remaining Balance
$431,480
Equity Gap
$144,206
Loan Type
FHAAdjust Your Scenario
$28,000
$28,000$144,206
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.08% (FHA)
Blended Rate: 4.23%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,363/moAssumable @ 3.08% + gap loan
$2,731/moAssumed loan: $1,838/mo
Gap financing: $894/mo
$631less per month with the assumable
Your Savings on This Property
6070 Gibralter, Aurora · 3.08% FHA vs 6.5% conventional
$631
per month
$7,575
per year
$227,258
over 30 years
$242,944
interest saved
How gap financing works: The equity gap ($144,206) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($28,000, 5% of purchase price) and a second mortgage for the rest ($116,206 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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