Loan Comparison: 3.6% vs 6.5%
2232 Palm Drive, Colorado Springs, CO 80918 · 3bd/3ba · $299,000
List Price
$299,000
Assumable Rate
3.6%
Remaining Balance
$209,398
Equity Gap
$89,601
Loan Type
FHAAdjust Your Scenario
$14,950
$14,950$89,601
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.6% (FHA)
Blended Rate: 4.62%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,795/moAssumable @ 3.6% + gap loan
$1,474/moAssumed loan: $952/mo
Gap financing: $522/mo
$321less per month with the assumable
Your Savings on This Property
2232 Palm Drive, Colorado Springs · 3.6% FHA vs 6.5% conventional
$321
per month
$3,857
per year
$115,704
over 30 years
$115,703
interest saved
How gap financing works: The equity gap ($89,601) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($14,950, 5% of purchase price) and a second mortgage for the rest ($74,651 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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