Loan Comparison: 2.84% vs 6.5%
15497 Louisiana, Aurora, CO 80017 · 2bd/2ba · $275,000
List Price
$275,000
Assumable Rate
2.84%
Remaining Balance
$254,714
Equity Gap
$20,285
Loan Type
FHAAdjust Your Scenario
$13,750
$13,750$20,285
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.84% (FHA)
Blended Rate: 2.98%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,651/moAssumable @ 2.84% + gap loan
$1,102/moAssumed loan: $1,052/mo
Gap financing: $50/mo
$549less per month with the assumable
Your Savings on This Property
15497 Louisiana, Aurora · 2.84% FHA vs 6.5% conventional
$549
per month
$6,588
per year
$197,640
over 30 years
$197,639
interest saved
How gap financing works: The equity gap ($20,285) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($13,750, 5% of purchase price) and a second mortgage for the rest ($6,535 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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