Loan Comparison: 2.9% vs 6.5%
137 Steven Drive, Colorado Springs, CO 80911 · 2bd/2ba · $300,000
List Price
$300,000
Assumable Rate
2.9%
Remaining Balance
$230,405
Equity Gap
$69,594
Loan Type
FHAAdjust Your Scenario
$15,000
$15,000$69,594
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.9% (FHA)
Blended Rate: 3.78%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,801/moAssumable @ 2.9% + gap loan
$1,341/moAssumed loan: $959/mo
Gap financing: $382/mo
$461less per month with the assumable
Your Savings on This Property
137 Steven Drive, Colorado Springs · 2.9% FHA vs 6.5% conventional
$461
per month
$5,528
per year
$165,834
over 30 years
$165,833
interest saved
How gap financing works: The equity gap ($69,594) 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 ($54,594 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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