Loan Comparison: 3.13% vs 6.5%
2215 Brent, Colorado Springs, CO 80920 · 5bd/4ba · $649,000
List Price
$649,000
Assumable Rate
3.13%
Remaining Balance
$317,511
Equity Gap
$330,764
Loan Type
FHAAdjust Your Scenario
$32,450
$32,450$330,764
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.13% (FHA)
Blended Rate: 5.73%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,897/moAssumable @ 3.13% + gap loan
$3,655/moAssumed loan: $1,361/mo
Gap financing: $2,294/mo
$242less per month with the assumable
Your Savings on This Property
2215 Brent, Colorado Springs · 3.13% FHA vs 6.5% conventional
$242
per month
$2,907
per year
$87,205
over 30 years
$86,480
interest saved
How gap financing works: The equity gap ($330,764) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($32,450, 5% of purchase price) and a second mortgage for the rest ($298,314 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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