Loan Comparison: 2.83% vs 6.5%
2038 Pepperwood, Colorado Springs, CO 80910 · 5bd/2ba · $350,000
List Price
$350,000
Assumable Rate
2.83%
Remaining Balance
$275,019
Equity Gap
$103,125
Loan Type
FHAAdjust Your Scenario
$17,500
$17,500$103,125
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.83% (FHA)
Blended Rate: 4.18%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,102/moAssumable @ 2.83% + gap loan
$1,793/moAssumed loan: $1,134/mo
Gap financing: $658/mo
$309less per month with the assumable
Your Savings on This Property
2038 Pepperwood, Colorado Springs · 2.83% FHA vs 6.5% conventional
$309
per month
$3,706
per year
$111,173
over 30 years
$139,317
interest saved
How gap financing works: The equity gap ($103,125) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,500, 5% of purchase price) and a second mortgage for the rest ($85,625 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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