Loan Comparison: 2.68% vs 6.5%
3757 Homestead Mesa, Colorado Springs, CO 80917 · 2bd/2ba · $343,900
List Price
$343,900
Assumable Rate
2.68%
Remaining Balance
$136,361
Equity Gap
$207,849
Loan Type
FHAAdjust Your Scenario
$17,195
$17,195$207,849
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.68% (FHA)
Blended Rate: 6.07%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,065/moAssumable @ 2.68% + gap loan
$2,018/moAssumed loan: $552/mo
Gap financing: $1,466/mo
$47less per month with the assumable
Your Savings on This Property
3757 Homestead Mesa, Colorado Springs · 2.68% FHA vs 6.5% conventional
$47
per month
$569
per year
$17,062
over 30 years
$17,372
interest saved
How gap financing works: The equity gap ($207,849) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,195, 5% of purchase price) and a second mortgage for the rest ($190,654 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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