Loan Comparison: 2.74% vs 6.5%
2515 San Miguel Street, Colorado Springs, CO 80909 · 5bd/4ba · $389,000
List Price
$389,000
Assumable Rate
2.74%
Remaining Balance
$305,534
Equity Gap
$83,465
Loan Type
FHAAdjust Your Scenario
$19,450
$19,450$83,465
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.74% (FHA)
Blended Rate: 3.56%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,336/moAssumable @ 2.74% + gap loan
$1,693/moAssumed loan: $1,246/mo
Gap financing: $448/mo
$643less per month with the assumable
Your Savings on This Property
2515 San Miguel Street, Colorado Springs · 2.74% FHA vs 6.5% conventional
$643
per month
$7,710
per year
$231,303
over 30 years
$231,302
interest saved
How gap financing works: The equity gap ($83,465) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,450, 5% of purchase price) and a second mortgage for the rest ($64,015 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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