Loan Comparison: 2.98% vs 6.5%
101 Trump, Colorado Springs, CO 80909 · 3bd/1ba · $350,000
List Price
$350,000
Assumable Rate
2.98%
Remaining Balance
$218,348
Equity Gap
$131,652
Loan Type
FHAAdjust Your Scenario
$17,500
$17,500$131,652
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (FHA)
Blended Rate: 4.88%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,102/moAssumable @ 2.98% + gap loan
$1,796/moAssumed loan: $918/mo
Gap financing: $878/mo
$306less per month with the assumable
Your Savings on This Property
101 Trump, Colorado Springs · 2.98% FHA vs 6.5% conventional
$306
per month
$3,668
per year
$110,047
over 30 years
$110,047
interest saved
How gap financing works: The equity gap ($131,652) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,500, 5% of purchase price) and a second mortgage for the rest ($114,152 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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