Loan Comparison: 2.68% vs 6.5%
6553 Harvey, Colorado Springs, CO 80923 · 3bd/3ba · $435,000
List Price
$435,000
Assumable Rate
2.68%
Remaining Balance
$306,647
Equity Gap
$129,072
Loan Type
FHAAdjust Your Scenario
$21,750
$21,750$129,072
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.68% (FHA)
Blended Rate: 4.19%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,612/moAssumable @ 2.68% + gap loan
$2,066/moAssumed loan: $1,241/mo
Gap financing: $825/mo
$546less per month with the assumable
Your Savings on This Property
6553 Harvey, Colorado Springs · 2.68% FHA vs 6.5% conventional
$546
per month
$6,555
per year
$196,664
over 30 years
$197,383
interest saved
How gap financing works: The equity gap ($129,072) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,750, 5% of purchase price) and a second mortgage for the rest ($107,322 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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