Loan Comparison: 2.98% vs 6.5%
101 Trump Avenue, Colorado Springs, CO 80909 · 4bd/4ba · $330,000
List Price
$330,000
Assumable Rate
2.98%
Remaining Balance
$215,950
Equity Gap
$114,050
Loan Type
FHAAdjust Your Scenario
$16,500
$16,500$114,050
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (FHA)
Blended Rate: 4.39%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,982/moAssumable @ 2.98% + gap loan
$1,590/moAssumed loan: $908/mo
Gap financing: $682/mo
$391less per month with the assumable
Your Savings on This Property
101 Trump Avenue, Colorado Springs · 2.98% FHA vs 6.5% conventional
$391
per month
$4,696
per year
$140,876
over 30 years
$140,876
interest saved
How gap financing works: The equity gap ($114,050) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($16,500, 5% of purchase price) and a second mortgage for the rest ($97,550 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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