Loan Comparison: 2.81% vs 6.5%
2734 Marcy, Colorado Springs, CO 80910 · 4bd/3ba · $420,000
List Price
$420,000
Assumable Rate
2.81%
Remaining Balance
$161,962
Equity Gap
$255,798
Loan Type
FHAAdjust Your Scenario
$21,000
$21,000$255,798
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.81% (FHA)
Blended Rate: 6.18%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,522/moAssumable @ 2.81% + gap loan
$2,472/moAssumed loan: $666/mo
Gap financing: $1,805/mo
$50less per month with the assumable
Your Savings on This Property
2734 Marcy, Colorado Springs · 2.81% FHA vs 6.5% conventional
$50
per month
$602
per year
$18,073
over 30 years
$15,833
interest saved
How gap financing works: The equity gap ($255,798) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,000, 5% of purchase price) and a second mortgage for the rest ($234,798 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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