Loan Comparison: 2.98% vs 6.5%
6 Audubon, Colorado Springs, CO 80910 · 2bd/2ba · $350,000
List Price
$350,000
Assumable Rate
2.98%
Remaining Balance
$248,175
Equity Gap
$101,276
Loan Type
FHAAdjust Your Scenario
$17,500
$17,500$101,276
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (FHA)
Blended Rate: 4.37%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,102/moAssumable @ 2.98% + gap loan
$1,688/moAssumed loan: $1,044/mo
Gap financing: $644/mo
$414less per month with the assumable
Your Savings on This Property
6 Audubon, Colorado Springs · 2.98% FHA vs 6.5% conventional
$414
per month
$4,966
per year
$148,975
over 30 years
$148,426
interest saved
How gap financing works: The equity gap ($101,276) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,500, 5% of purchase price) and a second mortgage for the rest ($83,776 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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