Loan Comparison: 2.74% vs 6.5%
8375 Lupan, Colorado Springs, CO 80951 · 4bd/4ba · $470,000
List Price
$470,000
Assumable Rate
2.74%
Remaining Balance
$325,786
Equity Gap
$144,213
Loan Type
FHAAdjust Your Scenario
$23,500
$23,500$144,213
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.74% (FHA)
Blended Rate: 4.30%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,822/moAssumable @ 2.74% + gap loan
$2,256/moAssumed loan: $1,328/mo
Gap financing: $928/mo
$566less per month with the assumable
Your Savings on This Property
8375 Lupan, Colorado Springs · 2.74% FHA vs 6.5% conventional
$566
per month
$6,789
per year
$203,666
over 30 years
$203,665
interest saved
How gap financing works: The equity gap ($144,213) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,500, 5% of purchase price) and a second mortgage for the rest ($120,713 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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