Loan Comparison: 2.83% vs 6.5%
138 Nome, Aurora, CO 80012 · 2bd/1ba · $252,500
List Price
$252,500
Assumable Rate
2.83%
Remaining Balance
$206,931
Equity Gap
$45,569
Loan Type
FHAAdjust Your Scenario
$12,625
$12,625$45,569
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.83% (FHA)
Blended Rate: 3.61%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,516/moAssumable @ 2.83% + gap loan
$1,107/moAssumed loan: $854/mo
Gap financing: $253/mo
$409less per month with the assumable
Your Savings on This Property
138 Nome, Aurora · 2.83% FHA vs 6.5% conventional
$409
per month
$4,911
per year
$147,345
over 30 years
$147,345
interest saved
How gap financing works: The equity gap ($45,569) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($12,625, 5% of purchase price) and a second mortgage for the rest ($32,944 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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