Loan Comparison: 2.81% vs 6.5%
2498 Scranton, Aurora, CO 80014 · 4bd/4ba · $450,000
List Price
$450,000
Assumable Rate
2.81%
Remaining Balance
$422,550
Equity Gap
$46,493
Loan Type
FHAAdjust Your Scenario
$22,500
$22,500$46,493
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.81% (FHA)
Blended Rate: 3.12%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,702/moAssumable @ 2.81% + gap loan
$1,923/moAssumed loan: $1,738/mo
Gap financing: $184/mo
$779less per month with the assumable
Your Savings on This Property
2498 Scranton, Aurora · 2.81% FHA vs 6.5% conventional
$779
per month
$9,349
per year
$280,485
over 30 years
$299,528
interest saved
How gap financing works: The equity gap ($46,493) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,500, 5% of purchase price) and a second mortgage for the rest ($23,993 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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