Loan Comparison: 3.02% vs 6.5%
2295 Pitkin, Aurora, CO 80013 · 2bd/3ba · $299,500
List Price
$299,500
Assumable Rate
3.02%
Remaining Balance
$171,503
Equity Gap
$127,996
Loan Type
FHAAdjust Your Scenario
$14,975
$14,975$127,996
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.02% (FHA)
Blended Rate: 5.20%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,798/moAssumable @ 3.02% + gap loan
$1,594/moAssumed loan: $725/mo
Gap financing: $869/mo
$204less per month with the assumable
Your Savings on This Property
2295 Pitkin, Aurora · 3.02% FHA vs 6.5% conventional
$204
per month
$2,453
per year
$73,599
over 30 years
$73,598
interest saved
How gap financing works: The equity gap ($127,996) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($14,975, 5% of purchase price) and a second mortgage for the rest ($113,021 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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