Loan Comparison: 2.9% vs 6.5%
137 Steven, Colorado Springs, CO 80911 · 3bd/1ba · $300,000
List Price
$300,000
Assumable Rate
2.9%
Remaining Balance
$275,713
Equity Gap
$69,049
Loan Type
FHAAdjust Your Scenario
$15,000
$15,000$69,049
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.9% (FHA)
Blended Rate: 3.82%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,801/moAssumable @ 2.9% + gap loan
$1,563/moAssumed loan: $1,148/mo
Gap financing: $416/mo
$238less per month with the assumable
Your Savings on This Property
137 Steven, Colorado Springs · 2.9% FHA vs 6.5% conventional
$238
per month
$2,858
per year
$85,753
over 30 years
$130,515
interest saved
How gap financing works: The equity gap ($69,049) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($15,000, 5% of purchase price) and a second mortgage for the rest ($54,049 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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