Loan Comparison: 2.89% vs 6.5%
2217 Kenton, Aurora, CO 80014 · 2bd/2ba · $595,000
List Price
$595,000
Assumable Rate
2.89%
Remaining Balance
$362,558
Equity Gap
$232,441
Loan Type
FHAAdjust Your Scenario
$29,750
$29,750$232,441
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.89% (FHA)
Blended Rate: 4.90%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,573/moAssumable @ 2.89% + gap loan
$3,066/moAssumed loan: $1,507/mo
Gap financing: $1,559/mo
$507less per month with the assumable
Your Savings on This Property
2217 Kenton, Aurora · 2.89% FHA vs 6.5% conventional
$507
per month
$6,085
per year
$182,560
over 30 years
$182,559
interest saved
How gap financing works: The equity gap ($232,441) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($29,750, 5% of purchase price) and a second mortgage for the rest ($202,691 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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