Loan Comparison: 2.7% vs 6.5%
359 Kenady Circle, Colorado Springs, CO 80910 · 4bd/4ba · $360,000
List Price
$360,000
Assumable Rate
2.7%
Remaining Balance
$188,173
Equity Gap
$171,827
Loan Type
FHAAdjust Your Scenario
$18,000
$18,000$171,827
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.7% (FHA)
Blended Rate: 4.86%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,162/moAssumable @ 2.7% + gap loan
$1,839/moAssumed loan: $763/mo
Gap financing: $1,076/mo
$323less per month with the assumable
Your Savings on This Property
359 Kenady Circle, Colorado Springs · 2.7% FHA vs 6.5% conventional
$323
per month
$3,874
per year
$116,232
over 30 years
$116,232
interest saved
How gap financing works: The equity gap ($171,827) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,000, 5% of purchase price) and a second mortgage for the rest ($153,827 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.
🏠
Back to This Listing
View photos, details, and request a showing for 359 Kenady Circle.
View Listing Details📈
Interested in This Home?
Get full loan details and schedule a showing. Free, no obligation.