Loan Comparison: 2.74% vs 6.5%
2938 Revere, Aurora, CO 80014 · 3bd/2ba · $385,000
List Price
$385,000
Assumable Rate
2.74%
Remaining Balance
$257,095
Equity Gap
$180,905
Loan Type
FHAAdjust Your Scenario
$19,250
$19,250$180,905
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.74% (FHA)
Blended Rate: 4.96%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,312/moAssumable @ 2.74% + gap loan
$2,291/moAssumed loan: $1,048/mo
Gap financing: $1,243/mo
$21less per month with the assumable
Your Savings on This Property
2938 Revere, Aurora · 2.74% FHA vs 6.5% conventional
$21
per month
$247
per year
$7,414
over 30 years
$60,414
interest saved
How gap financing works: The equity gap ($180,905) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,250, 5% of purchase price) and a second mortgage for the rest ($161,655 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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