Loan Comparison: 2.68% vs 6.5%
5342 Canadian Rose, Colorado Springs, CO 80916 · 3bd/3ba · $310,999
List Price
$310,999
Assumable Rate
2.68%
Remaining Balance
$197,392
Equity Gap
$113,606
Loan Type
FHAAdjust Your Scenario
$15,550
$15,550$113,606
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.68% (FHA)
Blended Rate: 4.61%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,867/moAssumable @ 2.68% + gap loan
$1,553/moAssumed loan: $799/mo
Gap financing: $754/mo
$315less per month with the assumable
Your Savings on This Property
5342 Canadian Rose, Colorado Springs · 2.68% FHA vs 6.5% conventional
$315
per month
$3,779
per year
$113,378
over 30 years
$113,377
interest saved
How gap financing works: The equity gap ($113,606) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($15,550, 5% of purchase price) and a second mortgage for the rest ($98,056 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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