Loan Comparison: 3.16% vs 6.5%
20026 Lasalle, Aurora, CO 80013 · 4bd/4ba · $460,000
List Price
$460,000
Assumable Rate
3.16%
Remaining Balance
$358,441
Equity Gap
$116,004
Loan Type
FHAAdjust Your Scenario
$23,000
$23,000$116,004
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.16% (FHA)
Blended Rate: 4.26%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,762/moAssumable @ 3.16% + gap loan
$2,257/moAssumed loan: $1,542/mo
Gap financing: $715/mo
$505less per month with the assumable
Your Savings on This Property
20026 Lasalle, Aurora · 3.16% FHA vs 6.5% conventional
$505
per month
$6,057
per year
$181,695
over 30 years
$196,140
interest saved
How gap financing works: The equity gap ($116,004) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,000, 5% of purchase price) and a second mortgage for the rest ($93,004 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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