Loan Comparison: 2.87% vs 6.5%
23588 Ida, Aurora, CO 80016 · 2bd/3ba · $400,000
List Price
$400,000
Assumable Rate
2.87%
Remaining Balance
$351,694
Equity Gap
$48,306
Loan Type
FHAAdjust Your Scenario
$20,000
$20,000$48,306
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.87% (FHA)
Blended Rate: 3.29%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,402/moAssumable @ 2.87% + gap loan
$1,676/moAssumed loan: $1,458/mo
Gap financing: $218/mo
$726less per month with the assumable
Your Savings on This Property
23588 Ida, Aurora · 2.87% FHA vs 6.5% conventional
$726
per month
$8,712
per year
$261,359
over 30 years
$261,359
interest saved
How gap financing works: The equity gap ($48,306) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,000, 5% of purchase price) and a second mortgage for the rest ($28,306 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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