Loan Comparison: 2.74% vs 6.5%
3976 Riviera, Colorado Springs, CO 80922 · 3bd/2ba · $273,000
List Price
$273,000
Assumable Rate
2.74%
Remaining Balance
$245,755
Equity Gap
$36,148
Loan Type
FHAAdjust Your Scenario
$13,650
$13,650$36,148
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.74% (FHA)
Blended Rate: 3.22%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,639/moAssumable @ 2.74% + gap loan
$1,175/moAssumed loan: $1,002/mo
Gap financing: $173/mo
$464less per month with the assumable
Your Savings on This Property
3976 Riviera, Colorado Springs · 2.74% FHA vs 6.5% conventional
$464
per month
$5,572
per year
$167,150
over 30 years
$176,053
interest saved
How gap financing works: The equity gap ($36,148) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($13,650, 5% of purchase price) and a second mortgage for the rest ($22,498 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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