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
$197,379
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: 5.04%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,042/moAssumable @ 2.83% + gap loan
$1,780/moAssumed loan: $814/mo
Gap financing: $966/mo
$261less per month with the assumable
Your Savings on This Property
407 San Rafael, Colorado Springs · 2.83% FHA vs 6.5% conventional
$261
per month
$3,138
per year
$94,140
over 30 years
$94,139
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.
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