Loan Comparison: 2.96% vs 6.5%
1029 Union, Colorado Springs, CO 80909 · 4bd/1ba · $425,000
List Price
$425,000
Assumable Rate
2.96%
Remaining Balance
$303,376
Equity Gap
$120,945
Loan Type
FHAAdjust Your Scenario
$21,250
$21,250$120,945
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (FHA)
Blended Rate: 4.33%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,552/moAssumable @ 2.96% + gap loan
$2,039/moAssumed loan: $1,273/mo
Gap financing: $767/mo
$513less per month with the assumable
Your Savings on This Property
1029 Union, Colorado Springs · 2.96% FHA vs 6.5% conventional
$513
per month
$6,155
per year
$184,643
over 30 years
$183,964
interest saved
How gap financing works: The equity gap ($120,945) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,250, 5% of purchase price) and a second mortgage for the rest ($99,695 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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