Loan Comparison: 3.64% vs 6.5%
610 Crown Ridge Drive, Colorado Springs, CO 80904 · 2bd/1ba · $525,000
List Price
$525,000
Assumable Rate
3.64%
Remaining Balance
$327,761
Equity Gap
$197,239
Loan Type
FHAAdjust Your Scenario
$26,250
$26,250$197,239
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.64% (FHA)
Blended Rate: 4.96%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,152/moAssumable @ 3.64% + gap loan
$2,693/moAssumed loan: $1,498/mo
Gap financing: $1,196/mo
$459less per month with the assumable
Your Savings on This Property
610 Crown Ridge Drive, Colorado Springs · 3.64% FHA vs 6.5% conventional
$459
per month
$5,512
per year
$165,360
over 30 years
$165,360
interest saved
How gap financing works: The equity gap ($197,239) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($26,250, 5% of purchase price) and a second mortgage for the rest ($170,989 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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