Loan Comparison: 2.74% vs 6.5%
14020 Nichlas, Colorado Springs, CO 80921 · 4bd/3ba · $519,900
List Price
$519,900
Assumable Rate
2.74%
Remaining Balance
$354,899
Equity Gap
$165,001
Loan Type
FHAAdjust Your Scenario
$25,995
$25,995$165,001
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.74% (FHA)
Blended Rate: 4.36%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,122/moAssumable @ 2.74% + gap loan
$2,516/moAssumed loan: $1,447/mo
Gap financing: $1,069/mo
$606less per month with the assumable
Your Savings on This Property
14020 Nichlas, Colorado Springs · 2.74% FHA vs 6.5% conventional
$606
per month
$7,272
per year
$218,165
over 30 years
$218,165
interest saved
How gap financing works: The equity gap ($165,001) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($25,995, 5% of purchase price) and a second mortgage for the rest ($139,006 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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