Loan Comparison: 2.96% vs 6.5%
18397 Alabama, Aurora, CO 80017 · 2bd/2ba · $310,000
List Price
$310,000
Assumable Rate
2.96%
Remaining Balance
$262,729
Equity Gap
$47,850
Loan Type
FHAAdjust Your Scenario
$15,500
$15,500$47,850
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (FHA)
Blended Rate: 3.57%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,861/moAssumable @ 2.96% + gap loan
$1,351/moAssumed loan: $1,102/mo
Gap financing: $249/mo
$511less per month with the assumable
Your Savings on This Property
18397 Alabama, Aurora · 2.96% FHA vs 6.5% conventional
$511
per month
$6,128
per year
$183,845
over 30 years
$184,424
interest saved
How gap financing works: The equity gap ($47,850) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($15,500, 5% of purchase price) and a second mortgage for the rest ($32,350 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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