Loan Comparison: 2.9% vs 6.5%
6260 Silverado, Colorado Springs, CO 80922 · 4bd/4ba · $449,999
List Price
$449,999
Assumable Rate
2.9%
Remaining Balance
$316,899
Equity Gap
$132,410
Loan Type
FHAAdjust Your Scenario
$22,500
$22,500$132,410
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.9% (FHA)
Blended Rate: 4.34%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,702/moAssumable @ 2.9% + gap loan
$2,164/moAssumed loan: $1,319/mo
Gap financing: $845/mo
$538less per month with the assumable
Your Savings on This Property
6260 Silverado, Colorado Springs · 2.9% FHA vs 6.5% conventional
$538
per month
$6,455
per year
$193,660
over 30 years
$192,970
interest saved
How gap financing works: The equity gap ($132,410) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,500, 5% of purchase price) and a second mortgage for the rest ($109,910 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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