Loan Comparison: 2.87% vs 6.5%
1017 Moorings, Colorado Springs, CO 80906 · 1bd/1ba · $219,000
List Price
$219,000
Assumable Rate
2.87%
Remaining Balance
$210,204
Equity Gap
$16,880
Loan Type
FHAAdjust Your Scenario
$10,950
$10,950$16,880
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.87% (FHA)
Blended Rate: 3.02%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,315/moAssumable @ 2.87% + gap loan
$917/moAssumed loan: $872/mo
Gap financing: $46/mo
$398less per month with the assumable
Your Savings on This Property
1017 Moorings, Colorado Springs · 2.87% FHA vs 6.5% conventional
$398
per month
$4,774
per year
$143,230
over 30 years
$151,314
interest saved
How gap financing works: The equity gap ($16,880) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($10,950, 5% of purchase price) and a second mortgage for the rest ($5,930 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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