Loan Comparison: 3.23% vs 6.5%
2830 Kenton, Aurora, CO 80014 · 3bd/4ba · $380,000
List Price
$380,000
Assumable Rate
3.23%
Remaining Balance
$279,486
Equity Gap
$100,514
Loan Type
FHAAdjust Your Scenario
$19,000
$19,000$100,514
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.23% (FHA)
Blended Rate: 4.42%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,282/moAssumable @ 3.23% + gap loan
$1,840/moAssumed loan: $1,213/mo
Gap financing: $627/mo
$442less per month with the assumable
Your Savings on This Property
2830 Kenton, Aurora · 3.23% FHA vs 6.5% conventional
$442
per month
$5,301
per year
$159,019
over 30 years
$159,019
interest saved
How gap financing works: The equity gap ($100,514) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,000, 5% of purchase price) and a second mortgage for the rest ($81,514 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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