Loan Comparison: 2.84% vs 6.5%
4416 San Miguel, Colorado Springs, CO 80915 · 5bd/2ba · $406,000
List Price
$406,000
Assumable Rate
2.84%
Remaining Balance
$332,007
Equity Gap
$73,993
Loan Type
FHAAdjust Your Scenario
$20,300
$20,300$73,993
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.84% (FHA)
Blended Rate: 3.63%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,438/moAssumable @ 2.84% + gap loan
$1,784/moAssumed loan: $1,371/mo
Gap financing: $413/mo
$654less per month with the assumable
Your Savings on This Property
4416 San Miguel, Colorado Springs · 2.84% FHA vs 6.5% conventional
$654
per month
$7,845
per year
$235,355
over 30 years
$235,355
interest saved
How gap financing works: The equity gap ($73,993) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,300, 5% of purchase price) and a second mortgage for the rest ($53,693 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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