Loan Comparison: 3.03% vs 6.5%
3011 Shikra View, Colorado Springs, CO 80916 · 2bd/1ba · $319,000
List Price
$319,000
Assumable Rate
3.03%
Remaining Balance
$234,221
Equity Gap
$84,779
Loan Type
FHAAdjust Your Scenario
$15,950
$15,950$84,779
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.03% (FHA)
Blended Rate: 4.05%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,915/moAssumable @ 3.03% + gap loan
$1,473/moAssumed loan: $991/mo
Gap financing: $481/mo
$443less per month with the assumable
Your Savings on This Property
3011 Shikra View, Colorado Springs · 3.03% FHA vs 6.5% conventional
$443
per month
$5,315
per year
$159,459
over 30 years
$159,459
interest saved
How gap financing works: The equity gap ($84,779) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($15,950, 5% of purchase price) and a second mortgage for the rest ($68,829 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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