Loan Comparison: 2.89% vs 6.5%
1213 Jamaica, Aurora, CO 80010 · 3bd/1ba · $385,000
List Price
$385,000
Assumable Rate
2.89%
Remaining Balance
$285,483
Equity Gap
$100,176
Loan Type
FHAAdjust Your Scenario
$19,250
$19,250$100,176
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.89% (FHA)
Blended Rate: 4.13%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,312/moAssumable @ 2.89% + gap loan
$1,809/moAssumed loan: $1,187/mo
Gap financing: $622/mo
$503less per month with the assumable
Your Savings on This Property
1213 Jamaica, Aurora · 2.89% FHA vs 6.5% conventional
$503
per month
$6,034
per year
$181,008
over 30 years
$181,667
interest saved
How gap financing works: The equity gap ($100,176) 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 ($80,926 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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