Loan Comparison: 3.1% vs 6.5%
5731 Tramore, Colorado Springs, CO 80927 · 3bd/2ba · $405,000
List Price
$405,000
Assumable Rate
3.1%
Remaining Balance
$366,182
Equity Gap
$74,106
Loan Type
FHAAdjust Your Scenario
$20,250
$20,250$74,106
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.1% (FHA)
Blended Rate: 3.79%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,432/moAssumable @ 3.1% + gap loan
$1,978/moAssumed loan: $1,564/mo
Gap financing: $414/mo
$454less per month with the assumable
Your Savings on This Property
5731 Tramore, Colorado Springs · 3.1% FHA vs 6.5% conventional
$454
per month
$5,449
per year
$163,483
over 30 years
$198,771
interest saved
How gap financing works: The equity gap ($74,106) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,250, 5% of purchase price) and a second mortgage for the rest ($53,856 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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