Loan Comparison: 2.83% vs 6.5%
3643 Queen Anne, Colorado Springs, CO 80917 · 2bd/2ba · $257,000
List Price
$257,000
Assumable Rate
2.83%
Remaining Balance
$190,570
Equity Gap
$66,430
Loan Type
FHAAdjust Your Scenario
$12,850
$12,850$66,430
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.83% (FHA)
Blended Rate: 4.07%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,543/moAssumable @ 2.83% + gap loan
$1,198/moAssumed loan: $786/mo
Gap financing: $412/mo
$345less per month with the assumable
Your Savings on This Property
3643 Queen Anne, Colorado Springs · 2.83% FHA vs 6.5% conventional
$345
per month
$4,142
per year
$124,245
over 30 years
$124,245
interest saved
How gap financing works: The equity gap ($66,430) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($12,850, 5% of purchase price) and a second mortgage for the rest ($53,580 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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