Loan Comparison: 3.42% vs 6.5%
1507 Chelton Road, Colorado Springs, CO 80909 · 3bd/3ba · $335,000
List Price
$335,000
Assumable Rate
3.42%
Remaining Balance
$83,489
Equity Gap
$251,510
Loan Type
FHAAdjust Your Scenario
$16,750
$16,750$251,510
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.42% (FHA)
Blended Rate: 6.43%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,012/moAssumable @ 3.42% + gap loan
$2,013/moAssumed loan: $371/mo
Gap financing: $1,641/mo
Your Savings on This Property
1507 Chelton Road, Colorado Springs · 3.42% 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 ($251,510) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($16,750, 5% of purchase price) and a second mortgage for the rest ($234,760 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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