Loan Comparison: 2.94% vs 6.5%
16258 Exposition, Aurora, CO 80017 · 5bd/3ba · $430,000
List Price
$430,000
Assumable Rate
2.94%
Remaining Balance
$351,278
Equity Gap
$93,006
Loan Type
FHAAdjust Your Scenario
$21,500
$21,500$93,006
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.94% (FHA)
Blended Rate: 3.88%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,582/moAssumable @ 2.94% + gap loan
$2,019/moAssumed loan: $1,470/mo
Gap financing: $550/mo
$563less per month with the assumable
Your Savings on This Property
16258 Exposition, Aurora · 2.94% FHA vs 6.5% conventional
$563
per month
$6,750
per year
$202,507
over 30 years
$216,791
interest saved
How gap financing works: The equity gap ($93,006) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,500, 5% of purchase price) and a second mortgage for the rest ($71,506 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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