Loan Comparison: 2.93% vs 6.5%
1029 Union Boulevard, Colorado Springs, CO 80909 · 2bd/3ba · $399,000
List Price
$399,000
Assumable Rate
2.93%
Remaining Balance
$302,528
Equity Gap
$96,472
Loan Type
FHAAdjust Your Scenario
$19,950
$19,950$96,472
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.93% (FHA)
Blended Rate: 3.85%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,396/moAssumable @ 2.93% + gap loan
$1,799/moAssumed loan: $1,264/mo
Gap financing: $535/mo
$597less per month with the assumable
Your Savings on This Property
1029 Union Boulevard, Colorado Springs · 2.93% FHA vs 6.5% conventional
$597
per month
$7,161
per year
$214,820
over 30 years
$214,820
interest saved
How gap financing works: The equity gap ($96,472) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,950, 5% of purchase price) and a second mortgage for the rest ($76,522 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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