Loan Comparison: 2.83% vs 6.5%
1014 Lutheran, Colorado Springs, CO 80915 · 2bd/2ba · $235,000
List Price
$235,000
Assumable Rate
2.83%
Remaining Balance
$198,771
Equity Gap
$34,847
Loan Type
FHAAdjust Your Scenario
$11,750
$11,750$34,847
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.83% (FHA)
Blended Rate: 3.42%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,411/moAssumable @ 2.83% + gap loan
$998/moAssumed loan: $820/mo
Gap financing: $178/mo
$414less per month with the assumable
Your Savings on This Property
1014 Lutheran, Colorado Springs · 2.83% FHA vs 6.5% conventional
$414
per month
$4,963
per year
$148,890
over 30 years
$147,508
interest saved
How gap financing works: The equity gap ($34,847) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($11,750, 5% of purchase price) and a second mortgage for the rest ($23,097 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.
🏠
Back to This Listing
View photos, details, and request a showing for 1014 Lutheran.
View Listing Details📈
Interested in This Home?
Get full loan details and schedule a showing. Free, no obligation.