Loan Comparison: 2.84% vs 6.5%
1220 Platte, Colorado Springs, CO 80909 · 2bd/1ba · $360,000
List Price
$360,000
Assumable Rate
2.84%
Remaining Balance
$238,090
Equity Gap
$121,909
Loan Type
FHAAdjust Your Scenario
$18,000
$18,000$121,909
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.84% (FHA)
Blended Rate: 4.56%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,162/moAssumable @ 2.84% + gap loan
$1,782/moAssumed loan: $983/mo
Gap financing: $799/mo
$379less per month with the assumable
Your Savings on This Property
1220 Platte, Colorado Springs · 2.84% FHA vs 6.5% conventional
$379
per month
$4,552
per year
$136,560
over 30 years
$136,559
interest saved
How gap financing works: The equity gap ($121,909) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,000, 5% of purchase price) and a second mortgage for the rest ($103,909 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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