Loan Comparison: 2.74% vs 6.5%
2515 San Miguel, Colorado Springs, CO 80909 · 4bd/2ba · $400,000
List Price
$400,000
Assumable Rate
2.74%
Remaining Balance
$306,976
Equity Gap
$93,023
Loan Type
FHAAdjust Your Scenario
$20,000
$20,000$93,023
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.74% (FHA)
Blended Rate: 3.85%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,402/moAssumable @ 2.74% + gap loan
$1,813/moAssumed loan: $1,252/mo
Gap financing: $561/mo
$589less per month with the assumable
Your Savings on This Property
2515 San Miguel, Colorado Springs · 2.74% FHA vs 6.5% conventional
$589
per month
$7,066
per year
$211,967
over 30 years
$211,966
interest saved
How gap financing works: The equity gap ($93,023) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,000, 5% of purchase price) and a second mortgage for the rest ($73,023 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.
🏠
Back to This Listing
View photos, details, and request a showing for 2515 San Miguel.
View Listing Details📈
Interested in This Home?
Get full loan details and schedule a showing. Free, no obligation.