Loan Comparison: 2.73% vs 6.5%
623 Pitkin, Aurora, CO 80017 · 2bd/3ba · $399,000
List Price
$399,000
Assumable Rate
2.73%
Remaining Balance
$304,987
Equity Gap
$105,052
Loan Type
FHAAdjust Your Scenario
$19,950
$19,950$105,052
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.73% (FHA)
Blended Rate: 3.99%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,396/moAssumable @ 2.73% + gap loan
$1,896/moAssumed loan: $1,242/mo
Gap financing: $654/mo
$500less per month with the assumable
Your Savings on This Property
623 Pitkin, Aurora · 2.73% FHA vs 6.5% conventional
$500
per month
$5,996
per year
$179,870
over 30 years
$190,909
interest saved
How gap financing works: The equity gap ($105,052) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,950, 5% of purchase price) and a second mortgage for the rest ($85,102 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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