Loan Comparison: 2.83% vs 6.5%
3643 Queen Anne, Colorado Springs, CO 80917 · 2bd/2ba · $245,500
List Price
$245,500
Assumable Rate
2.83%
Remaining Balance
$188,797
Equity Gap
$56,702
Loan Type
FHAAdjust Your Scenario
$12,275
$12,275$56,702
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.83% (FHA)
Blended Rate: 3.91%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,474/moAssumable @ 2.83% + gap loan
$1,120/moAssumed loan: $779/mo
Gap financing: $342/mo
$354less per month with the assumable
Your Savings on This Property
3643 Queen Anne, Colorado Springs · 2.83% FHA vs 6.5% conventional
$354
per month
$4,245
per year
$127,355
over 30 years
$127,354
interest saved
How gap financing works: The equity gap ($56,702) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($12,275, 5% of purchase price) and a second mortgage for the rest ($44,427 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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