Loan Comparison: 2.9% vs 6.5%
3303 Santa Rosa, Colorado Springs, CO 80909 · 4bd/2ba · $358,000
List Price
$358,000
Assumable Rate
2.9%
Remaining Balance
$331,877
Equity Gap
$74,166
Loan Type
FHAAdjust Your Scenario
$17,900
$17,900$74,166
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.9% (FHA)
Blended Rate: 3.71%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,150/moAssumable @ 2.9% + gap loan
$1,814/moAssumed loan: $1,381/mo
Gap financing: $433/mo
$336less per month with the assumable
Your Savings on This Property
3303 Santa Rosa, Colorado Springs · 2.9% FHA vs 6.5% conventional
$336
per month
$4,028
per year
$120,836
over 30 years
$168,879
interest saved
How gap financing works: The equity gap ($74,166) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,900, 5% of purchase price) and a second mortgage for the rest ($56,266 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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