Loan Comparison: 3.23% vs 6.5%
16738 Bails, Aurora, CO 80017 · 3bd/2ba · $415,000
List Price
$415,000
Assumable Rate
3.23%
Remaining Balance
$269,984
Equity Gap
$145,629
Loan Type
FHAAdjust Your Scenario
$20,750
$20,750$145,629
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.23% (FHA)
Blended Rate: 4.90%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,492/moAssumable @ 3.23% + gap loan
$2,132/moAssumed loan: $1,172/mo
Gap financing: $960/mo
$360less per month with the assumable
Your Savings on This Property
16738 Bails, Aurora · 3.23% FHA vs 6.5% conventional
$360
per month
$4,316
per year
$129,489
over 30 years
$130,102
interest saved
How gap financing works: The equity gap ($145,629) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,750, 5% of purchase price) and a second mortgage for the rest ($124,879 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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