Loan Comparison: 2.94% vs 6.5%
2352 Washo, Colorado Springs, CO 80915 · 2bd/2ba · $185,000
List Price
$185,000
Assumable Rate
2.94%
Remaining Balance
$139,246
Equity Gap
$46,068
Loan Type
FHAAdjust Your Scenario
$9,250
$9,250$46,068
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.94% (FHA)
Blended Rate: 4.10%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,111/moAssumable @ 2.94% + gap loan
$866/moAssumed loan: $583/mo
Gap financing: $283/mo
$245less per month with the assumable
Your Savings on This Property
2352 Washo, Colorado Springs · 2.94% FHA vs 6.5% conventional
$245
per month
$2,942
per year
$88,269
over 30 years
$88,583
interest saved
How gap financing works: The equity gap ($46,068) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($9,250, 5% of purchase price) and a second mortgage for the rest ($36,818 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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