Loan Comparison: 2.8% vs 6.5%
7565 Vineland Trail, Colorado Springs, CO 80911 · 3bd/3ba · $389,900
List Price
$389,900
Assumable Rate
2.8%
Remaining Balance
$321,830
Equity Gap
$68,069
Loan Type
FHAAdjust Your Scenario
$19,495
$19,495$68,069
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.8% (FHA)
Blended Rate: 3.42%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,341/moAssumable @ 2.8% + gap loan
$1,662/moAssumed loan: $1,322/mo
Gap financing: $340/mo
$679less per month with the assumable
Your Savings on This Property
7565 Vineland Trail, Colorado Springs · 2.8% FHA vs 6.5% conventional
$679
per month
$8,150
per year
$244,510
over 30 years
$244,509
interest saved
How gap financing works: The equity gap ($68,069) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,495, 5% of purchase price) and a second mortgage for the rest ($48,574 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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