Loan Comparison: 3.39% vs 6.5%
3914 Berkley Court, Colorado Springs, CO 80906 · 3bd/3ba · $298,000
List Price
$298,000
Assumable Rate
3.39%
Remaining Balance
$30,795
Equity Gap
$267,204
Loan Type
FHAAdjust Your Scenario
$14,900
$14,900$267,204
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.39% (FHA)
Blended Rate: 7.05%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,789/moAssumable @ 3.39% + gap loan
$1,901/moAssumed loan: $136/mo
Gap financing: $1,764/mo
Your Savings on This Property
3914 Berkley Court, Colorado Springs · 3.39% FHA vs 6.5% conventional
$0
per month
$0
per year
$0
over 30 years
$0
interest saved
How gap financing works: The equity gap ($267,204) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($14,900, 5% of purchase price) and a second mortgage for the rest ($252,304 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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