Loan Comparison: 2.74% vs 6.5%
3976 Riviera, Colorado Springs, CO 80922 · 3bd/2ba · $264,000
List Price
$264,000
Assumable Rate
2.74%
Remaining Balance
$235,754
Equity Gap
$27,148
Loan Type
FHAAdjust Your Scenario
$13,200
$13,200$27,148
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.74% (FHA)
Blended Rate: 3.06%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,585/moAssumable @ 2.74% + gap loan
$1,068/moAssumed loan: $961/mo
Gap financing: $107/mo
$517less per month with the assumable
Your Savings on This Property
3976 Riviera, Colorado Springs · 2.74% FHA vs 6.5% conventional
$517
per month
$6,201
per year
$186,041
over 30 years
$184,943
interest saved
How gap financing works: The equity gap ($27,148) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($13,200, 5% of purchase price) and a second mortgage for the rest ($13,948 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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