Loan Comparison: 2.8% vs 6.5%
3643 Queen Anne Way, Colorado Springs, CO 80917 · 4bd/4ba · $245,500
List Price
$245,500
Assumable Rate
2.8%
Remaining Balance
$188,233
Equity Gap
$57,266
Loan Type
FHAAdjust Your Scenario
$12,275
$12,275$57,266
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.8% (FHA)
Blended Rate: 3.71%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,474/moAssumable @ 2.8% + gap loan
$1,088/moAssumed loan: $773/mo
Gap financing: $315/mo
$386less per month with the assumable
Your Savings on This Property
3643 Queen Anne Way, Colorado Springs · 2.8% FHA vs 6.5% conventional
$386
per month
$4,633
per year
$139,003
over 30 years
$139,002
interest saved
How gap financing works: The equity gap ($57,266) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($12,275, 5% of purchase price) and a second mortgage for the rest ($44,991 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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