Loan Comparison: 2.98% vs 6.5%
101 Trump, Colorado Springs, CO 80909 · 3bd/1ba · $345,000
List Price
$345,000
Assumable Rate
2.98%
Remaining Balance
$217,392
Equity Gap
$126,176
Loan Type
FHAAdjust Your Scenario
$17,250
$17,250$126,176
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (FHA)
Blended Rate: 4.82%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,072/moAssumable @ 2.98% + gap loan
$1,752/moAssumed loan: $914/mo
Gap financing: $838/mo
$320less per month with the assumable
Your Savings on This Property
101 Trump, Colorado Springs · 2.98% FHA vs 6.5% conventional
$320
per month
$3,838
per year
$115,152
over 30 years
$113,720
interest saved
How gap financing works: The equity gap ($126,176) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,250, 5% of purchase price) and a second mortgage for the rest ($108,926 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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