Loan Comparison: 2.89% vs 6.5%
1281 Alton, Aurora, CO 80010 · 4bd/2ba · $625,000
List Price
$625,000
Assumable Rate
2.89%
Remaining Balance
$396,368
Equity Gap
$228,632
Loan Type
FHAAdjust Your Scenario
$31,250
$31,250$228,632
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.89% (FHA)
Blended Rate: 4.75%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,753/moAssumable @ 2.89% + gap loan
$3,165/moAssumed loan: $1,648/mo
Gap financing: $1,518/mo
$588less per month with the assumable
Your Savings on This Property
1281 Alton, Aurora · 2.89% FHA vs 6.5% conventional
$588
per month
$7,050
per year
$211,509
over 30 years
$211,509
interest saved
How gap financing works: The equity gap ($228,632) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($31,250, 5% of purchase price) and a second mortgage for the rest ($197,382 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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