Loan Comparison: 2.98% vs 6.5%
4591 Gneiss, Colorado Springs, CO 80938 · 3bd/3ba · $415,000
List Price
$415,000
Assumable Rate
2.98%
Remaining Balance
$318,105
Equity Gap
$146,302
Loan Type
FHAAdjust Your Scenario
$20,750
$20,750$146,302
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (FHA)
Blended Rate: 4.54%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,492/moAssumable @ 2.98% + gap loan
$2,303/moAssumed loan: $1,338/mo
Gap financing: $965/mo
$189less per month with the assumable
Your Savings on This Property
4591 Gneiss, Colorado Springs · 2.98% FHA vs 6.5% conventional
$189
per month
$2,266
per year
$67,978
over 30 years
$117,385
interest saved
How gap financing works: The equity gap ($146,302) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,750, 5% of purchase price) and a second mortgage for the rest ($125,552 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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