Loan Comparison: 4.83% vs 6.5%
2631 San Marcos, Colorado Springs, CO 80910 · 4bd/2ba · $295,000
List Price
$295,000
Assumable Rate
4.83%
Remaining Balance
$197,130
Equity Gap
$98,265
Loan Type
FHAAdjust Your Scenario
$14,750
$14,750$98,265
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4.83% (FHA)
Blended Rate: 5.92%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,771/moAssumable @ 4.83% + gap loan
$1,680/moAssumed loan: $1,038/mo
Gap financing: $642/mo
$91less per month with the assumable
Your Savings on This Property
2631 San Marcos, Colorado Springs · 4.83% FHA vs 6.5% conventional
$91
per month
$1,096
per year
$32,890
over 30 years
$33,285
interest saved
How gap financing works: The equity gap ($98,265) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($14,750, 5% of purchase price) and a second mortgage for the rest ($83,515 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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