Loan Comparison: 3.1% vs 6.5%
5731 Tramore, Colorado Springs, CO 80927 · 3bd/2ba · $399,999
List Price
$399,999
Assumable Rate
3.1%
Remaining Balance
$330,203
Equity Gap
$69,105
Loan Type
FHAAdjust Your Scenario
$20,000
$20,000$69,105
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.1% (FHA)
Blended Rate: 3.80%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,402/moAssumable @ 3.1% + gap loan
$1,788/moAssumed loan: $1,410/mo
Gap financing: $378/mo
$614less per month with the assumable
Your Savings on This Property
5731 Tramore, Colorado Springs · 3.1% FHA vs 6.5% conventional
$614
per month
$7,371
per year
$221,132
over 30 years
$220,441
interest saved
How gap financing works: The equity gap ($69,105) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,000, 5% of purchase price) and a second mortgage for the rest ($49,105 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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