Loan Comparison: 2.94% vs 6.5%
1342 Idalia, Aurora, CO 80017 · 2bd/3ba · $280,000
List Price
$280,000
Assumable Rate
2.94%
Remaining Balance
$214,182
Equity Gap
$73,576
Loan Type
FHAAdjust Your Scenario
$14,000
$14,000$73,576
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.94% (FHA)
Blended Rate: 4.15%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,681/moAssumable @ 2.94% + gap loan
$1,354/moAssumed loan: $896/mo
Gap financing: $458/mo
$327less per month with the assumable
Your Savings on This Property
1342 Idalia, Aurora · 2.94% FHA vs 6.5% conventional
$327
per month
$3,926
per year
$117,766
over 30 years
$125,524
interest saved
How gap financing works: The equity gap ($73,576) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($14,000, 5% of purchase price) and a second mortgage for the rest ($59,576 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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