Loan Comparison: 2.96% vs 6.5%
1110 Wakita, Colorado Springs, CO 80915 · 3bd/2ba · $369,900
List Price
$369,900
Assumable Rate
2.96%
Remaining Balance
$244,803
Equity Gap
$125,097
Loan Type
FHAAdjust Your Scenario
$18,495
$18,495$125,097
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (FHA)
Blended Rate: 4.64%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,221/moAssumable @ 2.96% + gap loan
$1,847/moAssumed loan: $1,027/mo
Gap financing: $820/mo
$375less per month with the assumable
Your Savings on This Property
1110 Wakita, Colorado Springs · 2.96% FHA vs 6.5% conventional
$375
per month
$4,495
per year
$134,862
over 30 years
$134,862
interest saved
How gap financing works: The equity gap ($125,097) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,495, 5% of purchase price) and a second mortgage for the rest ($106,602 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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