Loan Comparison: 3.23% vs 6.5%
8085 Freemantle Drive, Colorado Springs, CO 80920 · 3bd/4ba · $389,000
List Price
$389,000
Assumable Rate
3.23%
Remaining Balance
$256,020
Equity Gap
$132,979
Loan Type
FHAAdjust Your Scenario
$19,450
$19,450$132,979
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.23% (FHA)
Blended Rate: 4.54%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,336/moAssumable @ 3.23% + gap loan
$1,905/moAssumed loan: $1,111/mo
Gap financing: $794/mo
$431less per month with the assumable
Your Savings on This Property
8085 Freemantle Drive, Colorado Springs · 3.23% FHA vs 6.5% conventional
$431
per month
$5,167
per year
$155,012
over 30 years
$155,011
interest saved
How gap financing works: The equity gap ($132,979) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,450, 5% of purchase price) and a second mortgage for the rest ($113,529 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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