Loan Comparison: 2.96% vs 6.5%
627 Lansing Drive, Colorado Springs, CO 80915 · 4bd/2ba · $335,000
List Price
$335,000
Assumable Rate
2.96%
Remaining Balance
$283,092
Equity Gap
$51,907
Loan Type
FHAAdjust Your Scenario
$16,750
$16,750$51,907
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (FHA)
Blended Rate: 3.46%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,012/moAssumable @ 2.96% + gap loan
$1,433/moAssumed loan: $1,187/mo
Gap financing: $246/mo
$578less per month with the assumable
Your Savings on This Property
627 Lansing Drive, Colorado Springs · 2.96% FHA vs 6.5% conventional
$578
per month
$6,940
per year
$208,190
over 30 years
$208,189
interest saved
How gap financing works: The equity gap ($51,907) 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 ($35,157 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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