Loan Comparison: 2.65% vs 6.5%
3757 Homestead Mesa Heights, Colorado Springs, CO 80917 · 3bd/2ba · $343,900
List Price
$343,900
Assumable Rate
2.65%
Remaining Balance
$134,862
Equity Gap
$209,038
Loan Type
FHAAdjust Your Scenario
$17,195
$17,195$209,038
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.65% (FHA)
Blended Rate: 5.50%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,065/moAssumable @ 2.65% + gap loan
$1,885/moAssumed loan: $543/mo
Gap financing: $1,341/mo
$180less per month with the assumable
Your Savings on This Property
3757 Homestead Mesa Heights, Colorado Springs · 2.65% FHA vs 6.5% conventional
$180
per month
$2,162
per year
$64,857
over 30 years
$64,857
interest saved
How gap financing works: The equity gap ($209,038) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,195, 5% of purchase price) and a second mortgage for the rest ($191,843 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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