Loan Comparison: 2.94% vs 6.5%
6924 WINNICUT, Colorado Springs, CO 80925 · 3bd/3ba · $400,000
List Price
$400,000
Assumable Rate
2.94%
Remaining Balance
$306,750
Equity Gap
$93,249
Loan Type
FHAAdjust Your Scenario
$20,000
$20,000$93,249
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.94% (FHA)
Blended Rate: 4.01%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,402/moAssumable @ 2.94% + gap loan
$1,847/moAssumed loan: $1,283/mo
Gap financing: $563/mo
$555less per month with the assumable
Your Savings on This Property
6924 WINNICUT, Colorado Springs · 2.94% FHA vs 6.5% conventional
$555
per month
$6,663
per year
$199,898
over 30 years
$199,897
interest saved
How gap financing works: The equity gap ($93,249) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,000, 5% of purchase price) and a second mortgage for the rest ($73,249 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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