Loan Comparison: 2.98% vs 6.5%
6 Audubon Drive, Colorado Springs, CO 80910 · 3bd/3ba · $325,000
List Price
$325,000
Assumable Rate
2.98%
Remaining Balance
$247,073
Equity Gap
$77,927
Loan Type
FHAAdjust Your Scenario
$16,250
$16,250$77,927
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (FHA)
Blended Rate: 3.88%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,952/moAssumable @ 2.98% + gap loan
$1,470/moAssumed loan: $1,039/mo
Gap financing: $431/mo
$481less per month with the assumable
Your Savings on This Property
6 Audubon Drive, Colorado Springs · 2.98% FHA vs 6.5% conventional
$481
per month
$5,775
per year
$173,250
over 30 years
$173,250
interest saved
How gap financing works: The equity gap ($77,927) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($16,250, 5% of purchase price) and a second mortgage for the rest ($61,677 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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