Loan Comparison: 2.83% vs 6.5%
9423 Cashel, Colorado Springs, CO 80927 · 2bd/3ba · $359,900
List Price
$359,900
Assumable Rate
2.83%
Remaining Balance
$240,661
Equity Gap
$118,678
Loan Type
FHAAdjust Your Scenario
$17,995
$17,995$118,678
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.83% (FHA)
Blended Rate: 4.50%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,161/moAssumable @ 2.83% + gap loan
$1,767/moAssumed loan: $993/mo
Gap financing: $774/mo
$394less per month with the assumable
Your Savings on This Property
9423 Cashel, Colorado Springs · 2.83% FHA vs 6.5% conventional
$394
per month
$4,730
per year
$141,913
over 30 years
$141,352
interest saved
How gap financing works: The equity gap ($118,678) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,995, 5% of purchase price) and a second mortgage for the rest ($100,683 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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