Loan Comparison: 2.84% vs 6.5%
4416 San Miguel, Colorado Springs, CO 80915 · 5bd/2ba · $406,000
List Price
$406,000
Assumable Rate
2.84%
Remaining Balance
$334,979
Equity Gap
$72,504
Loan Type
FHAAdjust Your Scenario
$20,300
$20,300$72,504
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.84% (FHA)
Blended Rate: 3.60%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,438/moAssumable @ 2.84% + gap loan
$1,785/moAssumed loan: $1,384/mo
Gap financing: $401/mo
$653less per month with the assumable
Your Savings on This Property
4416 San Miguel, Colorado Springs · 2.84% FHA vs 6.5% conventional
$653
per month
$7,835
per year
$235,058
over 30 years
$236,541
interest saved
How gap financing works: The equity gap ($72,504) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,300, 5% of purchase price) and a second mortgage for the rest ($52,204 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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