Loan Comparison: 2.9% vs 6.5%
2366 Distinctive Drive, Colorado Springs, CO 80920 · 4bd/2ba · $400,000
List Price
$400,000
Assumable Rate
2.9%
Remaining Balance
$277,340
Equity Gap
$122,659
Loan Type
FHAAdjust Your Scenario
$20,000
$20,000$122,659
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.9% (FHA)
Blended Rate: 4.14%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,402/moAssumable @ 2.9% + gap loan
$1,872/moAssumed loan: $1,154/mo
Gap financing: $718/mo
$530less per month with the assumable
Your Savings on This Property
2366 Distinctive Drive, Colorado Springs · 2.9% FHA vs 6.5% conventional
$530
per month
$6,356
per year
$190,685
over 30 years
$190,684
interest saved
How gap financing works: The equity gap ($122,659) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,000, 5% of purchase price) and a second mortgage for the rest ($102,659 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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