Loan Comparison: 2.89% vs 6.5%
1343 Havana, Aurora, CO 80010 · 2bd/1ba · $335,000
List Price
$335,000
Assumable Rate
2.89%
Remaining Balance
$306,660
Equity Gap
$91,561
Loan Type
FHAAdjust Your Scenario
$16,750
$16,750$91,561
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.89% (FHA)
Blended Rate: 3.99%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,012/moAssumable @ 2.89% + gap loan
$1,850/moAssumed loan: $1,275/mo
Gap financing: $575/mo
$162less per month with the assumable
Your Savings on This Property
1343 Havana, Aurora · 2.89% FHA vs 6.5% conventional
$162
per month
$1,939
per year
$58,160
over 30 years
$121,381
interest saved
How gap financing works: The equity gap ($91,561) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($16,750, 5% of purchase price) and a second mortgage for the rest ($74,811 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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