Loan Comparison: 2.87% vs 6.5%
1220 Platte Avenue, Colorado Springs, CO 80909 · 4bd/4ba · $355,000
List Price
$355,000
Assumable Rate
2.87%
Remaining Balance
$237,680
Equity Gap
$117,319
Loan Type
FHAAdjust Your Scenario
$17,750
$17,750$117,319
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.87% (FHA)
Blended Rate: 4.24%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,132/moAssumable @ 2.87% + gap loan
$1,682/moAssumed loan: $985/mo
Gap financing: $696/mo
$450less per month with the assumable
Your Savings on This Property
1220 Platte Avenue, Colorado Springs · 2.87% FHA vs 6.5% conventional
$450
per month
$5,400
per year
$161,988
over 30 years
$161,987
interest saved
How gap financing works: The equity gap ($117,319) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,750, 5% of purchase price) and a second mortgage for the rest ($99,569 at 7.5%). 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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