Loan Comparison: 2.74% vs 6.5%
2515 San Miguel, Colorado Springs, CO 80909 · 4bd/2ba · $389,000
List Price
$389,000
Assumable Rate
2.74%
Remaining Balance
$306,256
Equity Gap
$82,023
Loan Type
FHAAdjust Your Scenario
$19,450
$19,450$82,023
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.74% (FHA)
Blended Rate: 3.72%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,336/moAssumable @ 2.74% + gap loan
$1,730/moAssumed loan: $1,249/mo
Gap financing: $481/mo
$606less per month with the assumable
Your Savings on This Property
2515 San Miguel, Colorado Springs · 2.74% FHA vs 6.5% conventional
$606
per month
$7,272
per year
$218,172
over 30 years
$217,451
interest saved
How gap financing works: The equity gap ($82,023) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,450, 5% of purchase price) and a second mortgage for the rest ($62,573 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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