Loan Comparison: 3.07% vs 6.5%
2804 Straus, Colorado Springs, CO 80907 · 4bd/3ba · $540,000
List Price
$540,000
Assumable Rate
3.07%
Remaining Balance
$321,610
Equity Gap
$218,390
Loan Type
FHAAdjust Your Scenario
$27,000
$27,000$218,390
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.07% (FHA)
Blended Rate: 5.10%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,243/moAssumable @ 3.07% + gap loan
$2,840/moAssumed loan: $1,368/mo
Gap financing: $1,472/mo
$403less per month with the assumable
Your Savings on This Property
2804 Straus, Colorado Springs · 3.07% FHA vs 6.5% conventional
$403
per month
$4,834
per year
$145,005
over 30 years
$145,005
interest saved
How gap financing works: The equity gap ($218,390) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($27,000, 5% of purchase price) and a second mortgage for the rest ($191,390 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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