Loan Comparison: 3.1% vs 6.5%
6220 Northwind Drive, Colorado Springs, CO 80918 · 3bd/3ba · $479,000
List Price
$479,000
Assumable Rate
3.1%
Remaining Balance
$411,115
Equity Gap
$67,884
Loan Type
FHAAdjust Your Scenario
$23,950
$23,950$67,884
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.1% (FHA)
Blended Rate: 3.52%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,876/moAssumable @ 3.1% + gap loan
$2,063/moAssumed loan: $1,756/mo
Gap financing: $307/mo
$814less per month with the assumable
Your Savings on This Property
6220 Northwind Drive, Colorado Springs · 3.1% FHA vs 6.5% conventional
$814
per month
$9,762
per year
$292,862
over 30 years
$292,861
interest saved
How gap financing works: The equity gap ($67,884) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,950, 5% of purchase price) and a second mortgage for the rest ($43,934 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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