Loan Comparison: 3.13% vs 6.5%
495 Harvard Street, Colorado Springs, CO 80911 · 4bd/4ba · $339,000
List Price
$339,000
Assumable Rate
3.13%
Remaining Balance
$211,788
Equity Gap
$127,212
Loan Type
FHAAdjust Your Scenario
$16,950
$16,950$127,212
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.13% (FHA)
Blended Rate: 4.63%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,036/moAssumable @ 3.13% + gap loan
$1,679/moAssumed loan: $908/mo
Gap financing: $771/mo
$357less per month with the assumable
Your Savings on This Property
495 Harvard Street, Colorado Springs · 3.13% FHA vs 6.5% conventional
$357
per month
$4,281
per year
$128,442
over 30 years
$128,442
interest saved
How gap financing works: The equity gap ($127,212) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($16,950, 5% of purchase price) and a second mortgage for the rest ($110,262 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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