Loan Comparison: 2.84% vs 6.5%
1014 Lutheran, Colorado Springs, CO 80915 · 2bd/2ba · $225,500
List Price
$225,500
Assumable Rate
2.84%
Remaining Balance
$197,420
Equity Gap
$28,080
Loan Type
FHAAdjust Your Scenario
$11,275
$11,275$28,080
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.84% (FHA)
Blended Rate: 3.28%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,354/moAssumable @ 2.84% + gap loan
$945/moAssumed loan: $815/mo
Gap financing: $129/mo
$409less per month with the assumable
Your Savings on This Property
1014 Lutheran, Colorado Springs · 2.84% FHA vs 6.5% conventional
$409
per month
$4,913
per year
$147,398
over 30 years
$147,398
interest saved
How gap financing works: The equity gap ($28,080) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($11,275, 5% of purchase price) and a second mortgage for the rest ($16,805 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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