Loan Comparison: 3.6% vs 6.5%
4119 Palmer Park Boulevard, Colorado Springs, CO 80909 · 3bd/3ba · $365,500
List Price
$365,500
Assumable Rate
3.6%
Remaining Balance
$242,414
Equity Gap
$123,085
Loan Type
FHAAdjust Your Scenario
$18,275
$18,275$123,085
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.6% (FHA)
Blended Rate: 4.78%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,195/moAssumable @ 3.6% + gap loan
$1,835/moAssumed loan: $1,102/mo
Gap financing: $733/mo
$360less per month with the assumable
Your Savings on This Property
4119 Palmer Park Boulevard, Colorado Springs · 3.6% FHA vs 6.5% conventional
$360
per month
$4,317
per year
$129,502
over 30 years
$129,501
interest saved
How gap financing works: The equity gap ($123,085) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,275, 5% of purchase price) and a second mortgage for the rest ($104,810 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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