Loan Comparison: 2.96% vs 6.5%
4917 Copen, Colorado Springs, CO 80922 · 4bd/4ba · $450,000
List Price
$450,000
Assumable Rate
2.96%
Remaining Balance
$299,010
Equity Gap
$150,990
Loan Type
FHAAdjust Your Scenario
$22,500
$22,500$150,990
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (FHA)
Blended Rate: 4.63%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,702/moAssumable @ 2.96% + gap loan
$2,242/moAssumed loan: $1,254/mo
Gap financing: $988/mo
$460less per month with the assumable
Your Savings on This Property
4917 Copen, Colorado Springs · 2.96% FHA vs 6.5% conventional
$460
per month
$5,519
per year
$165,570
over 30 years
$165,570
interest saved
How gap financing works: The equity gap ($150,990) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,500, 5% of purchase price) and a second mortgage for the rest ($128,490 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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