Loan Comparison: 2.83% vs 6.5%
407 San Rafael, Colorado Springs, CO 80903 · 1bd/1ba · $340,000
List Price
$340,000
Assumable Rate
2.83%
Remaining Balance
$205,275
Equity Gap
$142,620
Loan Type
FHAAdjust Your Scenario
$17,000
$17,000$142,620
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.83% (FHA)
Blended Rate: 4.98%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,042/moAssumable @ 2.83% + gap loan
$1,813/moAssumed loan: $847/mo
Gap financing: $966/mo
$229less per month with the assumable
Your Savings on This Property
407 San Rafael, Colorado Springs · 2.83% FHA vs 6.5% conventional
$229
per month
$2,747
per year
$82,415
over 30 years
$90,310
interest saved
How gap financing works: The equity gap ($142,620) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,000, 5% of purchase price) and a second mortgage for the rest ($125,620 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 407 San Rafael.
View Listing Details📈
Interested in This Home?
Get full loan details and schedule a showing. Free, no obligation.