Loan Comparison: 2.96% vs 6.5%
1295 Zeno, Aurora, CO 80017 · 2bd/3ba · $299,900
List Price
$299,900
Assumable Rate
2.96%
Remaining Balance
$270,510
Equity Gap
$36,741
Loan Type
FHAAdjust Your Scenario
$14,995
$14,995$36,741
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (FHA)
Blended Rate: 3.37%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,801/moAssumable @ 2.96% + gap loan
$1,302/moAssumed loan: $1,135/mo
Gap financing: $167/mo
$499less per month with the assumable
Your Savings on This Property
1295 Zeno, Aurora · 2.96% FHA vs 6.5% conventional
$499
per month
$5,987
per year
$179,615
over 30 years
$186,966
interest saved
How gap financing works: The equity gap ($36,741) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($14,995, 5% of purchase price) and a second mortgage for the rest ($21,746 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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