Loan Comparison: 2.94% vs 6.5%
1220 Hartford, Colorado Springs, CO 80906 · 4bd/2ba · $340,000
List Price
$340,000
Assumable Rate
2.94%
Remaining Balance
$248,995
Equity Gap
$91,005
Loan Type
FHAAdjust Your Scenario
$17,000
$17,000$91,005
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.94% (FHA)
Blended Rate: 4.21%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,042/moAssumable @ 2.94% + gap loan
$1,611/moAssumed loan: $1,042/mo
Gap financing: $569/mo
$431less per month with the assumable
Your Savings on This Property
1220 Hartford, Colorado Springs · 2.94% FHA vs 6.5% conventional
$431
per month
$5,170
per year
$155,092
over 30 years
$155,092
interest saved
How gap financing works: The equity gap ($91,005) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,000, 5% of purchase price) and a second mortgage for the rest ($74,005 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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