Loan Comparison: 2.98% vs 6.5%
101 Trump, Colorado Springs, CO 80909 · 3bd/1ba · $330,000
List Price
$330,000
Assumable Rate
2.98%
Remaining Balance
$216,432
Equity Gap
$111,176
Loan Type
FHAAdjust Your Scenario
$16,500
$16,500$111,176
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (FHA)
Blended Rate: 4.66%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,982/moAssumable @ 2.98% + gap loan
$1,638/moAssumed loan: $910/mo
Gap financing: $728/mo
$343less per month with the assumable
Your Savings on This Property
101 Trump, Colorado Springs · 2.98% FHA vs 6.5% conventional
$343
per month
$4,121
per year
$123,625
over 30 years
$121,233
interest saved
How gap financing works: The equity gap ($111,176) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($16,500, 5% of purchase price) and a second mortgage for the rest ($94,676 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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