Loan Comparison: 2.77% vs 6.5%
1361 Andes, Aurora, CO 80017 · 4bd/2ba · $470,000
List Price
$470,000
Assumable Rate
2.77%
Remaining Balance
$395,892
Equity Gap
$173,108
Loan Type
FHAAdjust Your Scenario
$23,500
$23,500$173,108
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.77% (FHA)
Blended Rate: 4.34%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,822/moAssumable @ 2.77% + gap loan
$2,771/moAssumed loan: $1,620/mo
Gap financing: $1,150/mo
$51less per month with the assumable
Your Savings on This Property
1361 Andes, Aurora · 2.77% FHA vs 6.5% conventional
$51
per month
$617
per year
$18,517
over 30 years
$117,517
interest saved
How gap financing works: The equity gap ($173,108) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,500, 5% of purchase price) and a second mortgage for the rest ($149,608 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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