Loan Comparison: 2.67% vs 6.5%
3748 Riviera, Colorado Springs, CO 80922 · 3bd/2ba · $260,000
List Price
$260,000
Assumable Rate
2.67%
Remaining Balance
$220,878
Equity Gap
$39,650
Loan Type
FHAAdjust Your Scenario
$13,000
$13,000$39,650
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.67% (FHA)
Blended Rate: 3.30%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,561/moAssumable @ 2.67% + gap loan
$1,097/moAssumed loan: $892/mo
Gap financing: $205/mo
$464less per month with the assumable
Your Savings on This Property
3748 Riviera, Colorado Springs · 2.67% FHA vs 6.5% conventional
$464
per month
$5,567
per year
$167,008
over 30 years
$167,536
interest saved
How gap financing works: The equity gap ($39,650) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($13,000, 5% of purchase price) and a second mortgage for the rest ($26,650 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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