Loan Comparison: 2.74% vs 6.5%
407 Ivory, Aurora, CO 80011 · 3bd/3ba · $418,000
List Price
$418,000
Assumable Rate
2.74%
Remaining Balance
$338,818
Equity Gap
$79,181
Loan Type
FHAAdjust Your Scenario
$20,900
$20,900$79,181
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.74% (FHA)
Blended Rate: 3.59%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,510/moAssumable @ 2.74% + gap loan
$1,830/moAssumed loan: $1,381/mo
Gap financing: $448/mo
$680less per month with the assumable
Your Savings on This Property
407 Ivory, Aurora · 2.74% FHA vs 6.5% conventional
$680
per month
$8,165
per year
$244,948
over 30 years
$244,947
interest saved
How gap financing works: The equity gap ($79,181) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,900, 5% of purchase price) and a second mortgage for the rest ($58,281 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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