Loan Comparison: 2.94% vs 6.5%
906 London Green, Colorado Springs, CO 80906 · 2bd/3ba · $269,000
List Price
$269,000
Assumable Rate
2.94%
Remaining Balance
$193,071
Equity Gap
$75,928
Loan Type
FHAAdjust Your Scenario
$13,450
$13,450$75,928
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.94% (FHA)
Blended Rate: 4.30%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,615/moAssumable @ 2.94% + gap loan
$1,288/moAssumed loan: $808/mo
Gap financing: $480/mo
$327less per month with the assumable
Your Savings on This Property
906 London Green, Colorado Springs · 2.94% FHA vs 6.5% conventional
$327
per month
$3,925
per year
$117,751
over 30 years
$117,750
interest saved
How gap financing works: The equity gap ($75,928) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($13,450, 5% of purchase price) and a second mortgage for the rest ($62,478 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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