Loan Comparison: 2.95% vs 6.5%
1675 Mineola Street, Colorado Springs, CO 80915 · 4bd/2ba · $368,000
List Price
$368,000
Assumable Rate
2.95%
Remaining Balance
$292,174
Equity Gap
$75,826
Loan Type
FHAAdjust Your Scenario
$18,400
$18,400$75,826
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.95% (FHA)
Blended Rate: 3.70%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,210/moAssumable @ 2.95% + gap loan
$1,625/moAssumed loan: $1,224/mo
Gap financing: $402/mo
$584less per month with the assumable
Your Savings on This Property
1675 Mineola Street, Colorado Springs · 2.95% FHA vs 6.5% conventional
$584
per month
$7,011
per year
$210,321
over 30 years
$210,321
interest saved
How gap financing works: The equity gap ($75,826) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,400, 5% of purchase price) and a second mortgage for the rest ($57,426 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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