Loan Comparison: 2.74% vs 6.5%
1852 Eagle, Aurora, CO 80011 · 3bd/1ba · $400,000
List Price
$400,000
Assumable Rate
2.74%
Remaining Balance
$278,200
Equity Gap
$138,766
Loan Type
FHAAdjust Your Scenario
$20,000
$20,000$138,766
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.74% (FHA)
Blended Rate: 4.46%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,402/moAssumable @ 2.74% + gap loan
$2,047/moAssumed loan: $1,134/mo
Gap financing: $913/mo
$354less per month with the assumable
Your Savings on This Property
1852 Eagle, Aurora · 2.74% FHA vs 6.5% conventional
$354
per month
$4,253
per year
$127,583
over 30 years
$144,549
interest saved
How gap financing works: The equity gap ($138,766) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,000, 5% of purchase price) and a second mortgage for the rest ($118,766 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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