Loan Comparison: 2.84% vs 6.5%
15688 Mexico, Aurora, CO 80017 · 2bd/3ba · $345,000
List Price
$345,000
Assumable Rate
2.84%
Remaining Balance
$322,571
Equity Gap
$34,835
Loan Type
FHAAdjust Your Scenario
$17,250
$17,250$34,835
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.84% (FHA)
Blended Rate: 3.13%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,072/moAssumable @ 2.84% + gap loan
$1,468/moAssumed loan: $1,332/mo
Gap financing: $135/mo
$604less per month with the assumable
Your Savings on This Property
15688 Mexico, Aurora · 2.84% FHA vs 6.5% conventional
$604
per month
$7,249
per year
$217,474
over 30 years
$229,880
interest saved
How gap financing works: The equity gap ($34,835) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,250, 5% of purchase price) and a second mortgage for the rest ($17,585 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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