Loan Comparison: 2.95% vs 6.5%
5185 Paradox, Colorado Springs, CO 80923 · 3bd/4ba · $425,000
List Price
$425,000
Assumable Rate
2.95%
Remaining Balance
$23,615
Equity Gap
$401,384
Loan Type
FHAAdjust Your Scenario
$21,250
$21,250$401,384
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.95% (FHA)
Blended Rate: 8.18%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,552/moAssumable @ 2.95% + gap loan
$3,022/moAssumed loan: $99/mo
Gap financing: $2,923/mo
Your Savings on This Property
5185 Paradox, Colorado Springs · 2.95% FHA vs 6.5% conventional
$0
per month
$0
per year
$0
over 30 years
$0
interest saved
How gap financing works: The equity gap ($401,384) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,250, 5% of purchase price) and a second mortgage for the rest ($380,134 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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