Loan Comparison: 3.61% vs 6.5%
3711 Espana, Aurora, CO 80013 · 3bd/4ba · $425,000
List Price
$425,000
Assumable Rate
3.61%
Remaining Balance
$296,398
Equity Gap
$140,002
Loan Type
FHAAdjust Your Scenario
$21,250
$21,250$140,002
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.61% (FHA)
Blended Rate: 5.01%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,552/moAssumable @ 3.61% + gap loan
$2,262/moAssumed loan: $1,349/mo
Gap financing: $913/mo
$290less per month with the assumable
Your Savings on This Property
3711 Espana, Aurora · 3.61% FHA vs 6.5% conventional
$290
per month
$3,476
per year
$104,274
over 30 years
$115,674
interest saved
How gap financing works: The equity gap ($140,002) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,250, 5% of purchase price) and a second mortgage for the rest ($118,752 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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