Loan Comparison: 2.68% vs 6.5%
5342 Canadian Rose, Colorado Springs, CO 80916 · 3bd/3ba · $349,900
List Price
$349,900
Assumable Rate
2.68%
Remaining Balance
$198,788
Equity Gap
$152,507
Loan Type
FHAAdjust Your Scenario
$17,495
$17,495$152,507
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.68% (FHA)
Blended Rate: 5.03%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,101/moAssumable @ 2.68% + gap loan
$1,842/moAssumed loan: $804/mo
Gap financing: $1,038/mo
$259less per month with the assumable
Your Savings on This Property
5342 Canadian Rose, Colorado Springs · 2.68% FHA vs 6.5% conventional
$259
per month
$3,105
per year
$93,138
over 30 years
$94,533
interest saved
How gap financing works: The equity gap ($152,507) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,495, 5% of purchase price) and a second mortgage for the rest ($135,012 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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