Loan Comparison: 3.1% vs 6.5%
6833 Bobtail Drive, Colorado Springs, CO 80911 · 3bd/3ba · $200,000
List Price
$200,000
Assumable Rate
3.1%
Remaining Balance
$153,096
Equity Gap
$46,904
Loan Type
FHAAdjust Your Scenario
$10,000
$10,000$46,904
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.1% (FHA)
Blended Rate: 3.95%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,201/moAssumable @ 3.1% + gap loan
$912/moAssumed loan: $654/mo
Gap financing: $258/mo
$289less per month with the assumable
Your Savings on This Property
6833 Bobtail Drive, Colorado Springs · 3.1% FHA vs 6.5% conventional
$289
per month
$3,470
per year
$104,093
over 30 years
$104,093
interest saved
How gap financing works: The equity gap ($46,904) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($10,000, 5% of purchase price) and a second mortgage for the rest ($36,904 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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