Loan Comparison: 5.23% vs 6.5%
16173 Dickenson, Aurora, CO 80013 Ā· 3bd/2ba Ā· $440,000
List Price
$440,000
Assumable Rate
5.23%
Remaining Balance
$409,424
Equity Gap
$52,791
Loan Type
FHAAdjust Your Scenario
$22,000
$22,000$52,791
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.23% (FHA)
Blended Rate: 5.46%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,642/moAssumable @ 5.23% + gap loan
$2,493/moAssumed loan: $2,256/mo
Gap financing: $237/mo
$150less per month with the assumable
Your Savings on This Property
16173 Dickenson, Aurora Ā· 5.23% FHA vs 6.5% conventional
$150
per month
$1,794
per year
$53,821
over 30 years
$76,036
interest saved
How gap financing works: The equity gap ($52,791) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,000, 5% of purchase price) and a second mortgage for the rest ($30,791 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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