Loan Comparison: 2.98% vs 6.5%
4730 Sand Mountain, Colorado Springs, CO 80923 · 3bd/3ba · $354,000
List Price
$354,000
Assumable Rate
2.98%
Remaining Balance
$300,665
Equity Gap
$53,335
Loan Type
FHAAdjust Your Scenario
$17,700
$17,700$53,335
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (FHA)
Blended Rate: 3.56%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,126/moAssumable @ 2.98% + gap loan
$1,538/moAssumed loan: $1,264/mo
Gap financing: $274/mo
$587less per month with the assumable
Your Savings on This Property
4730 Sand Mountain, Colorado Springs · 2.98% FHA vs 6.5% conventional
$587
per month
$7,047
per year
$211,416
over 30 years
$211,416
interest saved
How gap financing works: The equity gap ($53,335) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,700, 5% of purchase price) and a second mortgage for the rest ($35,635 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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