Loan Comparison: 2.98% vs 6.5%
2021 Austrian Way, Colorado Springs, CO 80919 · 2bd/2ba · $299,999
List Price
$299,999
Assumable Rate
2.98%
Remaining Balance
$219,932
Equity Gap
$80,066
Loan Type
FHAAdjust Your Scenario
$15,000
$15,000$80,066
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (FHA)
Blended Rate: 4.01%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,801/moAssumable @ 2.98% + gap loan
$1,380/moAssumed loan: $925/mo
Gap financing: $455/mo
$422less per month with the assumable
Your Savings on This Property
2021 Austrian Way, Colorado Springs · 2.98% FHA vs 6.5% conventional
$422
per month
$5,059
per year
$151,764
over 30 years
$151,762
interest saved
How gap financing works: The equity gap ($80,066) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($15,000, 5% of purchase price) and a second mortgage for the rest ($65,066 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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