Loan Comparison: 2.79% vs 6.5%
7155 Omaha Boulevard, Colorado Springs, CO 80915 · 5bd/4ba · $390,000
List Price
$390,000
Assumable Rate
2.79%
Remaining Balance
$16,064
Equity Gap
$373,935
Loan Type
FHAAdjust Your Scenario
$19,500
$19,500$373,935
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.79% (FHA)
Blended Rate: 7.30%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,342/moAssumable @ 2.79% + gap loan
$2,544/moAssumed loan: $66/mo
Gap financing: $2,478/mo
Your Savings on This Property
7155 Omaha Boulevard, Colorado Springs · 2.79% 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 ($373,935) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,500, 5% of purchase price) and a second mortgage for the rest ($354,435 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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