Loan Comparison: 2.84% vs 6.5%
1861 Dunkirk, Aurora, CO 80017 · 2bd/2ba · $285,000
List Price
$285,000
Assumable Rate
2.84%
Remaining Balance
$231,328
Equity Gap
$53,672
Loan Type
FHAAdjust Your Scenario
$14,250
$14,250$53,672
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.84% (FHA)
Blended Rate: 3.66%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,711/moAssumable @ 2.84% + gap loan
$1,259/moAssumed loan: $955/mo
Gap financing: $303/mo
$453less per month with the assumable
Your Savings on This Property
1861 Dunkirk, Aurora · 2.84% FHA vs 6.5% conventional
$453
per month
$5,433
per year
$162,995
over 30 years
$162,995
interest saved
How gap financing works: The equity gap ($53,672) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($14,250, 5% of purchase price) and a second mortgage for the rest ($39,422 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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