Loan Comparison: 4.98% vs 6.5%
5784 Tramore, Colorado Springs, CO 80927 · 3bd/2ba · $375,000
List Price
$375,000
Assumable Rate
4.98%
Remaining Balance
$329,243
Equity Gap
$58,915
Loan Type
FHAAdjust Your Scenario
$18,750
$18,750$58,915
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4.98% (FHA)
Blended Rate: 5.36%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,252/moAssumable @ 4.98% + gap loan
$2,072/moAssumed loan: $1,763/mo
Gap financing: $309/mo
$179less per month with the assumable
Your Savings on This Property
5784 Tramore, Colorado Springs · 4.98% FHA vs 6.5% conventional
$179
per month
$2,154
per year
$64,614
over 30 years
$77,772
interest saved
How gap financing works: The equity gap ($58,915) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,750, 5% of purchase price) and a second mortgage for the rest ($40,165 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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