Loan Comparison: 2.83% vs 6.5%
122 De Gaulle, Aurora, CO 80018 · 4bd/4ba · $700,000
List Price
$700,000
Assumable Rate
2.83%
Remaining Balance
$406,011
Equity Gap
$293,989
Loan Type
FHAAdjust Your Scenario
$35,000
$35,000$293,989
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.83% (FHA)
Blended Rate: 5.04%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,203/moAssumable @ 2.83% + gap loan
$3,666/moAssumed loan: $1,675/mo
Gap financing: $1,991/mo
$537less per month with the assumable
Your Savings on This Property
122 De Gaulle, Aurora · 2.83% FHA vs 6.5% conventional
$537
per month
$6,445
per year
$193,353
over 30 years
$193,353
interest saved
How gap financing works: The equity gap ($293,989) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($35,000, 5% of purchase price) and a second mortgage for the rest ($258,989 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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