Loan Comparison: 2.89% vs 6.5%
2251 Coronado, Denver, CO 80229 · 2bd/2ba · $273,000
List Price
$273,000
Assumable Rate
2.89%
Remaining Balance
$207,932
Equity Gap
$64,582
Loan Type
FHAAdjust Your Scenario
$13,650
$13,650$64,582
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.89% (FHA)
Blended Rate: 3.99%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,639/moAssumable @ 2.89% + gap loan
$1,256/moAssumed loan: $864/mo
Gap financing: $392/mo
$383less per month with the assumable
Your Savings on This Property
2251 Coronado, Denver · 2.89% FHA vs 6.5% conventional
$383
per month
$4,599
per year
$137,982
over 30 years
$137,496
interest saved
How gap financing works: The equity gap ($64,582) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($13,650, 5% of purchase price) and a second mortgage for the rest ($50,932 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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