Loan Comparison: 3.16% vs 6.5%
11349 Bails, Aurora, CO 80012 · 5bd/3ba · $575,000
List Price
$575,000
Assumable Rate
3.16%
Remaining Balance
$366,590
Equity Gap
$208,410
Loan Type
FHAAdjust Your Scenario
$28,750
$28,750$208,410
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.16% (FHA)
Blended Rate: 4.92%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,453/moAssumable @ 3.16% + gap loan
$2,959/moAssumed loan: $1,577/mo
Gap financing: $1,381/mo
$494less per month with the assumable
Your Savings on This Property
11349 Bails, Aurora · 3.16% FHA vs 6.5% conventional
$494
per month
$5,926
per year
$177,793
over 30 years
$177,793
interest saved
How gap financing works: The equity gap ($208,410) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($28,750, 5% of purchase price) and a second mortgage for the rest ($179,660 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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