Loan Comparison: 2.98% vs 6.5%
2044 Palm Drive, Colorado Springs, CO 80905 · 3bd/2ba · $355,000
List Price
$355,000
Assumable Rate
2.98%
Remaining Balance
$98,769
Equity Gap
$256,230
Loan Type
FHAAdjust Your Scenario
$17,750
$17,750$256,230
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (FHA)
Blended Rate: 6.18%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,132/moAssumable @ 2.98% + gap loan
$2,083/moAssumed loan: $415/mo
Gap financing: $1,667/mo
$49less per month with the assumable
Your Savings on This Property
2044 Palm Drive, Colorado Springs · 2.98% FHA vs 6.5% conventional
$49
per month
$586
per year
$17,573
over 30 years
$17,572
interest saved
How gap financing works: The equity gap ($256,230) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,750, 5% of purchase price) and a second mortgage for the rest ($238,480 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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