Loan Comparison: 2.74% vs 6.5%
14020 Nichlas, Colorado Springs, CO 80921 · 4bd/3ba · $519,900
List Price
$519,900
Assumable Rate
2.74%
Remaining Balance
$354,899
Equity Gap
$164,181
Loan Type
FHAAdjust Your Scenario
$25,995
$25,995$164,181
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.74% (FHA)
Blended Rate: 4.35%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,122/moAssumable @ 2.74% + gap loan
$2,509/moAssumed loan: $1,447/mo
Gap financing: $1,063/mo
$612less per month with the assumable
Your Savings on This Property
14020 Nichlas, Colorado Springs · 2.74% FHA vs 6.5% conventional
$612
per month
$7,348
per year
$220,435
over 30 years
$219,615
interest saved
How gap financing works: The equity gap ($164,181) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($25,995, 5% of purchase price) and a second mortgage for the rest ($138,186 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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