Loan Comparison: 3.23% vs 6.5%
1589 Lewiston, Aurora, CO 80017 · 3bd/3ba · $449,500
List Price
$449,500
Assumable Rate
3.23%
Remaining Balance
$343,707
Equity Gap
$105,793
Loan Type
FHAAdjust Your Scenario
$22,475
$22,475$105,793
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.23% (FHA)
Blended Rate: 4.26%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,699/moAssumable @ 3.23% + gap loan
$2,133/moAssumed loan: $1,492/mo
Gap financing: $641/mo
$566less per month with the assumable
Your Savings on This Property
1589 Lewiston, Aurora · 3.23% FHA vs 6.5% conventional
$566
per month
$6,797
per year
$203,897
over 30 years
$203,897
interest saved
How gap financing works: The equity gap ($105,793) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,475, 5% of purchase price) and a second mortgage for the rest ($83,318 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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