Loan Comparison: 3.89% vs 6.5%
3630 Brentwood Terrace, Colorado Springs, CO 80910 · 5bd/4ba · $370,000
List Price
$370,000
Assumable Rate
3.89%
Remaining Balance
$333,747
Equity Gap
$36,253
Loan Type
FHAAdjust Your Scenario
$18,500
$18,500$36,253
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.89% (FHA)
Blended Rate: 4.07%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,222/moAssumable @ 3.89% + gap loan
$1,696/moAssumed loan: $1,572/mo
Gap financing: $124/mo
$525less per month with the assumable
Your Savings on This Property
3630 Brentwood Terrace, Colorado Springs · 3.89% FHA vs 6.5% conventional
$525
per month
$6,304
per year
$189,115
over 30 years
$189,115
interest saved
How gap financing works: The equity gap ($36,253) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,500, 5% of purchase price) and a second mortgage for the rest ($17,753 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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