Loan Comparison: 2.74% vs 6.5%
1242 Idalia, Aurora, CO 80017 · 2bd/3ba · $310,000
List Price
$310,000
Assumable Rate
2.74%
Remaining Balance
$238,910
Equity Gap
$71,089
Loan Type
FHAAdjust Your Scenario
$15,500
$15,500$71,089
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.74% (FHA)
Blended Rate: 3.83%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,861/moAssumable @ 2.74% + gap loan
$1,401/moAssumed loan: $974/mo
Gap financing: $427/mo
$460less per month with the assumable
Your Savings on This Property
1242 Idalia, Aurora · 2.74% FHA vs 6.5% conventional
$460
per month
$5,519
per year
$165,580
over 30 years
$165,579
interest saved
How gap financing works: The equity gap ($71,089) 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 ($55,589 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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