Loan Comparison: 2.89% vs 6.5%
3712 Pembroke, Colorado Springs, CO 80907 · 5bd/2ba · $420,000
List Price
$420,000
Assumable Rate
2.89%
Remaining Balance
$300,656
Equity Gap
$149,344
Loan Type
FHAAdjust Your Scenario
$21,000
$21,000$149,344
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.89% (FHA)
Blended Rate: 4.57%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,522/moAssumable @ 2.89% + gap loan
$2,237/moAssumed loan: $1,250/mo
Gap financing: $987/mo
$285less per month with the assumable
Your Savings on This Property
3712 Pembroke, Colorado Springs · 2.89% FHA vs 6.5% conventional
$285
per month
$3,423
per year
$102,703
over 30 years
$132,703
interest saved
How gap financing works: The equity gap ($149,344) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,000, 5% of purchase price) and a second mortgage for the rest ($128,344 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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