Loan Comparison: 2.81% vs 6.5%
1608 Highland, Colorado Springs, CO 80906 · 2bd/1ba · $399,000
List Price
$399,000
Assumable Rate
2.81%
Remaining Balance
$316,784
Equity Gap
$81,485
Loan Type
FHAAdjust Your Scenario
$19,950
$19,950$81,485
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.81% (FHA)
Blended Rate: 3.74%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,396/moAssumable @ 2.81% + gap loan
$1,776/moAssumed loan: $1,303/mo
Gap financing: $473/mo
$619less per month with the assumable
Your Savings on This Property
1608 Highland, Colorado Springs · 2.81% FHA vs 6.5% conventional
$619
per month
$7,432
per year
$222,973
over 30 years
$222,242
interest saved
How gap financing works: The equity gap ($81,485) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,950, 5% of purchase price) and a second mortgage for the rest ($61,535 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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