Loan Comparison: 3.45% vs 6.5%
5736 Tramore, Colorado Springs, CO 80927 · 3bd/2ba · $397,900
List Price
$397,900
Assumable Rate
3.45%
Remaining Balance
$320,677
Equity Gap
$77,222
Loan Type
FHAAdjust Your Scenario
$19,895
$19,895$77,222
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.45% (FHA)
Blended Rate: 4.22%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,389/moAssumable @ 3.45% + gap loan
$1,872/moAssumed loan: $1,431/mo
Gap financing: $441/mo
$517less per month with the assumable
Your Savings on This Property
5736 Tramore, Colorado Springs · 3.45% FHA vs 6.5% conventional
$517
per month
$6,209
per year
$186,266
over 30 years
$186,265
interest saved
How gap financing works: The equity gap ($77,222) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,895, 5% of purchase price) and a second mortgage for the rest ($57,327 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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