Loan Comparison: 5.1% vs 6.5%
5784 Tramore Court, Colorado Springs, CO 80927 · 4bd/3ba · $375,000
List Price
$375,000
Assumable Rate
5.1%
Remaining Balance
$316,019
Equity Gap
$58,980
Loan Type
FHAAdjust Your Scenario
$18,750
$18,750$58,980
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.1% (FHA)
Blended Rate: 5.37%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,252/moAssumable @ 5.1% + gap loan
$1,997/moAssumed loan: $1,716/mo
Gap financing: $281/mo
$255less per month with the assumable
Your Savings on This Property
5784 Tramore Court, Colorado Springs · 5.1% FHA vs 6.5% conventional
$255
per month
$3,055
per year
$91,665
over 30 years
$91,664
interest saved
How gap financing works: The equity gap ($58,980) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,750, 5% of purchase price) and a second mortgage for the rest ($40,230 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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