Loan Comparison: 2.99% vs 6.5%
4221 Quintero, Aurora, CO 80013 · 3bd/2ba · $450,000
List Price
$450,000
Assumable Rate
2.99%
Remaining Balance
$342,628
Equity Gap
$107,372
Loan Type
FHAAdjust Your Scenario
$22,500
$22,500$107,372
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.99% (FHA)
Blended Rate: 4.08%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,702/moAssumable @ 2.99% + gap loan
$2,095/moAssumed loan: $1,443/mo
Gap financing: $653/mo
$607less per month with the assumable
Your Savings on This Property
4221 Quintero, Aurora · 2.99% FHA vs 6.5% conventional
$607
per month
$7,282
per year
$218,452
over 30 years
$218,452
interest saved
How gap financing works: The equity gap ($107,372) 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 ($84,872 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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