Loan Comparison: 3.45% vs 6.5%
5736 Tramore, Colorado Springs, CO 80927 · 3bd/2ba · $400,000
List Price
$400,000
Assumable Rate
3.45%
Remaining Balance
$321,963
Equity Gap
$78,036
Loan Type
FHAAdjust Your Scenario
$20,000
$20,000$78,036
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.45% (FHA)
Blended Rate: 4.22%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,402/moAssumable @ 3.45% + gap loan
$1,883/moAssumed loan: $1,437/mo
Gap financing: $446/mo
$519less per month with the assumable
Your Savings on This Property
5736 Tramore, Colorado Springs · 3.45% FHA vs 6.5% conventional
$519
per month
$6,226
per year
$186,777
over 30 years
$186,776
interest saved
How gap financing works: The equity gap ($78,036) 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 ($58,036 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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