Loan Comparison: 3.09% vs 6.5%
1919 Franklin Avenue, Colorado Springs, CO 80905 · 3bd/2ba · $290,000
List Price
$290,000
Assumable Rate
3.09%
Remaining Balance
$48,478
Equity Gap
$241,522
Loan Type
FHAAdjust Your Scenario
$14,500
$14,500$241,522
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.09% (FHA)
Blended Rate: 6.72%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,741/moAssumable @ 3.09% + gap loan
$1,794/moAssumed loan: $207/mo
Gap financing: $1,587/mo
Your Savings on This Property
1919 Franklin Avenue, Colorado Springs · 3.09% FHA vs 6.5% conventional
$0
per month
$0
per year
$0
over 30 years
$0
interest saved
How gap financing works: The equity gap ($241,522) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($14,500, 5% of purchase price) and a second mortgage for the rest ($227,022 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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