Loan Comparison: 3.1% vs 6.5%
4060 airport Road, Colorado Springs, CO 80910 · 6bd/4ba · $565,000
List Price
$565,000
Assumable Rate
3.1%
Remaining Balance
$367,635
Equity Gap
$197,364
Loan Type
FHAAdjust Your Scenario
$28,250
$28,250$197,364
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.1% (FHA)
Blended Rate: 4.49%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,393/moAssumable @ 3.1% + gap loan
$2,752/moAssumed loan: $1,570/mo
Gap financing: $1,182/mo
$640less per month with the assumable
Your Savings on This Property
4060 airport Road, Colorado Springs · 3.1% FHA vs 6.5% conventional
$640
per month
$7,684
per year
$230,506
over 30 years
$230,505
interest saved
How gap financing works: The equity gap ($197,364) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($28,250, 5% of purchase price) and a second mortgage for the rest ($169,114 at 7.5%). 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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