Loan Comparison: 2.9% vs 6.5%
3303 Santa Rosa Street, Colorado Springs, CO 80909 · 3bd/3ba · $355,000
List Price
$355,000
Assumable Rate
2.9%
Remaining Balance
$283,833
Equity Gap
$71,166
Loan Type
FHAAdjust Your Scenario
$17,750
$17,750$71,166
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.9% (FHA)
Blended Rate: 3.63%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,132/moAssumable @ 2.9% + gap loan
$1,555/moAssumed loan: $1,181/mo
Gap financing: $373/mo
$577less per month with the assumable
Your Savings on This Property
3303 Santa Rosa Street, Colorado Springs · 2.9% FHA vs 6.5% conventional
$577
per month
$6,921
per year
$207,633
over 30 years
$207,632
interest saved
How gap financing works: The equity gap ($71,166) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,750, 5% of purchase price) and a second mortgage for the rest ($53,416 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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