Loan Comparison: 3.77% vs 6.5%
2216 Lima, Aurora, CO 80010 · 2bd/1ba · $385,000
List Price
$385,000
Assumable Rate
3.77%
Remaining Balance
$268,336
Equity Gap
$116,072
Loan Type
FHAAdjust Your Scenario
$19,250
$19,250$116,072
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.77% (FHA)
Blended Rate: 5.02%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,312/moAssumable @ 3.77% + gap loan
$1,990/moAssumed loan: $1,246/mo
Gap financing: $744/mo
$322less per month with the assumable
Your Savings on This Property
2216 Lima, Aurora · 3.77% FHA vs 6.5% conventional
$322
per month
$3,859
per year
$115,761
over 30 years
$115,169
interest saved
How gap financing works: The equity gap ($116,072) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,250, 5% of purchase price) and a second mortgage for the rest ($96,822 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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