Loan Comparison: 3.1% vs 6.5%
3559 Fairplay, Aurora, CO 80014 · 3bd/2ba · $455,000
List Price
$455,000
Assumable Rate
3.1%
Remaining Balance
$61,912
Equity Gap
$392,957
Loan Type
FHAAdjust Your Scenario
$22,750
$22,750$392,957
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.1% (FHA)
Blended Rate: 7.73%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,732/moAssumable @ 3.1% + gap loan
$3,111/moAssumed loan: $264/mo
Gap financing: $2,847/mo
Your Savings on This Property
3559 Fairplay, Aurora · 3.1% FHA vs 6.5% conventional
$0
per month
$0
per year
$0
over 30 years
$0
interest saved
How gap financing works: The equity gap ($392,957) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,750, 5% of purchase price) and a second mortgage for the rest ($370,207 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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