Loan Comparison: 3% vs 6.5%
4854 Rusty Nail Point, Colorado Springs, CO 80916 · 3bd/3ba · $292,000
List Price
$292,000
Assumable Rate
3%
Remaining Balance
$212,789
Equity Gap
$79,211
Loan Type
FHAAdjust Your Scenario
$14,600
$14,600$79,211
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3% (FHA)
Blended Rate: 4.05%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,753/moAssumable @ 3% + gap loan
$1,349/moAssumed loan: $897/mo
Gap financing: $452/mo
$404less per month with the assumable
Your Savings on This Property
4854 Rusty Nail Point, Colorado Springs · 3% FHA vs 6.5% conventional
$404
per month
$4,854
per year
$145,606
over 30 years
$145,606
interest saved
How gap financing works: The equity gap ($79,211) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($14,600, 5% of purchase price) and a second mortgage for the rest ($64,611 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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