Loan Comparison: 2.7% vs 6.5%
5845 Granby Hill Drive, Colorado Springs, CO 80923 · 4bd/3ba · $450,000
List Price
$450,000
Assumable Rate
2.7%
Remaining Balance
$219,591
Equity Gap
$230,408
Loan Type
FHAAdjust Your Scenario
$22,500
$22,500$230,408
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.7% (FHA)
Blended Rate: 5.03%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,702/moAssumable @ 2.7% + gap loan
$2,344/moAssumed loan: $891/mo
Gap financing: $1,454/mo
$358less per month with the assumable
Your Savings on This Property
5845 Granby Hill Drive, Colorado Springs · 2.7% FHA vs 6.5% conventional
$358
per month
$4,293
per year
$128,776
over 30 years
$128,775
interest saved
How gap financing works: The equity gap ($230,408) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,500, 5% of purchase price) and a second mortgage for the rest ($207,908 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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