Loan Comparison: 2.98% vs 6.5%
863 Red Thistle View, Colorado Springs, CO 80939 · 4bd/3ba · $299,000
List Price
$299,000
Assumable Rate
2.98%
Remaining Balance
$237,217
Equity Gap
$61,783
Loan Type
FHAAdjust Your Scenario
$14,950
$14,950$61,783
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (FHA)
Blended Rate: 3.73%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,795/moAssumable @ 2.98% + gap loan
$1,325/moAssumed loan: $998/mo
Gap financing: $327/mo
$470less per month with the assumable
Your Savings on This Property
863 Red Thistle View, Colorado Springs · 2.98% FHA vs 6.5% conventional
$470
per month
$5,644
per year
$169,332
over 30 years
$169,332
interest saved
How gap financing works: The equity gap ($61,783) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($14,950, 5% of purchase price) and a second mortgage for the rest ($46,833 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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