Loan Comparison: 2.39% vs 6.5%
910 Nolte Drive, Colorado Springs, CO 80916 · 3bd/1ba · $335,000
List Price
$335,000
Assumable Rate
2.39%
Remaining Balance
$113,791
Equity Gap
$221,209
Loan Type
FHAAdjust Your Scenario
$16,750
$16,750$221,209
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.39% (FHA)
Blended Rate: 5.67%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,012/moAssumable @ 2.39% + gap loan
$1,873/moAssumed loan: $443/mo
Gap financing: $1,430/mo
$139less per month with the assumable
Your Savings on This Property
910 Nolte Drive, Colorado Springs · 2.39% FHA vs 6.5% conventional
$139
per month
$1,666
per year
$49,975
over 30 years
$49,975
interest saved
How gap financing works: The equity gap ($221,209) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($16,750, 5% of purchase price) and a second mortgage for the rest ($204,459 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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