Loan Comparison: 2.7% vs 6.5%
2515 San Miguel Street, Colorado Springs, CO 80909 · 3bd/3ba · $389,000
List Price
$389,000
Assumable Rate
2.7%
Remaining Balance
$305,288
Equity Gap
$83,711
Loan Type
FHAAdjust Your Scenario
$19,450
$19,450$83,711
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.7% (FHA)
Blended Rate: 3.53%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,336/moAssumable @ 2.7% + gap loan
$1,688/moAssumed loan: $1,238/mo
Gap financing: $449/mo
$648less per month with the assumable
Your Savings on This Property
2515 San Miguel Street, Colorado Springs · 2.7% FHA vs 6.5% conventional
$648
per month
$7,779
per year
$233,368
over 30 years
$233,367
interest saved
How gap financing works: The equity gap ($83,711) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,450, 5% of purchase price) and a second mortgage for the rest ($64,261 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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