Loan Comparison: 2.98% vs 6.5%
2021 Austrian, Colorado Springs, CO 80919 · 2bd/1ba · $299,999
List Price
$299,999
Assumable Rate
2.98%
Remaining Balance
$262,345
Equity Gap
$79,108
Loan Type
FHAAdjust Your Scenario
$15,000
$15,000$79,108
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.98% (FHA)
Blended Rate: 4.06%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,801/moAssumable @ 2.98% + gap loan
$1,596/moAssumed loan: $1,103/mo
Gap financing: $493/mo
$205less per month with the assumable
Your Savings on This Property
2021 Austrian, Colorado Springs · 2.98% FHA vs 6.5% conventional
$205
per month
$2,463
per year
$73,880
over 30 years
$115,334
interest saved
How gap financing works: The equity gap ($79,108) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($15,000, 5% of purchase price) and a second mortgage for the rest ($64,108 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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