Loan Comparison: 2.875% vs 6.5%
21843 8th, Aurora, CO 80018 · 3bd/3ba · $414,950
List Price
$414,950
Assumable Rate
2.875%
Remaining Balance
$379,865
Equity Gap
$37,292
Loan Type
FHAAdjust Your Scenario
$20,748
$20,748$37,292
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.875% (FHA)
Blended Rate: 3.11%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,492/moAssumable @ 2.875% + gap loan
$1,703/moAssumed loan: $1,576/mo
Gap financing: $127/mo
$788less per month with the assumable
Your Savings on This Property
21843 8th, Aurora · 2.875% FHA vs 6.5% conventional
$788
per month
$9,461
per year
$283,820
over 30 years
$286,026
interest saved
How gap financing works: The equity gap ($37,292) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,748, 5% of purchase price) and a second mortgage for the rest ($16,544 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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