Loan Comparison: 3.1% vs 6.5%
80 Leta, Colorado Springs, CO 80911 · 3bd/1ba · $299,000
List Price
$299,000
Assumable Rate
3.1%
Remaining Balance
$277,957
Equity Gap
$21,042
Loan Type
FHAAdjust Your Scenario
$14,950
$14,950$21,042
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.1% (FHA)
Blended Rate: 3.22%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,795/moAssumable @ 3.1% + gap loan
$1,234/moAssumed loan: $1,187/mo
Gap financing: $47/mo
$562less per month with the assumable
Your Savings on This Property
80 Leta, Colorado Springs · 3.1% FHA vs 6.5% conventional
$562
per month
$6,740
per year
$202,185
over 30 years
$202,184
interest saved
How gap financing works: The equity gap ($21,042) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($14,950, 5% of purchase price) and a second mortgage for the rest ($6,092 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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