Loan Comparison: 3.55% vs 6.5%
5724 Tramore Court, Colorado Springs, CO 80927 · 5bd/3ba · $365,000
List Price
$365,000
Assumable Rate
3.55%
Remaining Balance
$318,222
Equity Gap
$46,778
Loan Type
FHAAdjust Your Scenario
$18,250
$18,250$46,778
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.55% (FHA)
Blended Rate: 3.87%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,192/moAssumable @ 3.55% + gap loan
$1,637/moAssumed loan: $1,438/mo
Gap financing: $199/mo
$554less per month with the assumable
Your Savings on This Property
5724 Tramore Court, Colorado Springs · 3.55% FHA vs 6.5% conventional
$554
per month
$6,652
per year
$199,573
over 30 years
$199,573
interest saved
How gap financing works: The equity gap ($46,778) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,250, 5% of purchase price) and a second mortgage for the rest ($28,528 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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