Loan Comparison: 2.84% vs 6.5%
5796 Poudre, Colorado Springs, CO 80923 · 4bd/4ba · $565,000
List Price
$565,000
Assumable Rate
2.84%
Remaining Balance
$373,410
Equity Gap
$191,590
Loan Type
FHAAdjust Your Scenario
$28,250
$28,250$191,590
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.84% (FHA)
Blended Rate: 4.56%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,393/moAssumable @ 2.84% + gap loan
$2,798/moAssumed loan: $1,542/mo
Gap financing: $1,256/mo
$594less per month with the assumable
Your Savings on This Property
5796 Poudre, Colorado Springs · 2.84% FHA vs 6.5% conventional
$594
per month
$7,133
per year
$213,987
over 30 years
$213,987
interest saved
How gap financing works: The equity gap ($191,590) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($28,250, 5% of purchase price) and a second mortgage for the rest ($163,340 at 8.5%). 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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