Loan Comparison: 3.48% vs 6.5%
4547 Castlepoint Drive, Colorado Springs, CO 80917 · 6bd/4ba · $280,000
List Price
$280,000
Assumable Rate
3.48%
Remaining Balance
$95,508
Equity Gap
$184,492
Loan Type
FHAAdjust Your Scenario
$14,000
$14,000$184,492
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.48% (FHA)
Blended Rate: 6.06%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,681/moAssumable @ 3.48% + gap loan
$1,620/moAssumed loan: $428/mo
Gap financing: $1,192/mo
$61less per month with the assumable
Your Savings on This Property
4547 Castlepoint Drive, Colorado Springs · 3.48% FHA vs 6.5% conventional
$61
per month
$737
per year
$22,100
over 30 years
$22,100
interest saved
How gap financing works: The equity gap ($184,492) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($14,000, 5% of purchase price) and a second mortgage for the rest ($170,492 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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