Loan Comparison: 3.02% vs 6.5%
5327 Silver Spur, Colorado Springs, CO 80915 · 3bd/2ba · $315,000
List Price
$315,000
Assumable Rate
3.02%
Remaining Balance
$227,039
Equity Gap
$312,231
Loan Type
FHAAdjust Your Scenario
$15,750
$15,750$312,231
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.02% (FHA)
Blended Rate: 6.12%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,891/moAssumable @ 3.02% + gap loan
$3,239/moAssumed loan: $960/mo
Gap financing: $2,280/mo
Your Savings on This Property
5327 Silver Spur, Colorado Springs · 3.02% FHA vs 6.5% conventional
$0
per month
$0
per year
$0
over 30 years
$0
interest saved
How gap financing works: The equity gap ($312,231) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($15,750, 5% of purchase price) and a second mortgage for the rest ($296,481 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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