Loan Comparison: 3.03% vs 6.5%
3011 Shikra View, Colorado Springs, CO 80916 · 3bd/3ba · $300,000
List Price
$300,000
Assumable Rate
3.03%
Remaining Balance
$233,669
Equity Gap
$66,330
Loan Type
FHAAdjust Your Scenario
$15,000
$15,000$66,330
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.03% (FHA)
Blended Rate: 3.84%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,801/moAssumable @ 3.03% + gap loan
$1,348/moAssumed loan: $989/mo
Gap financing: $359/mo
$454less per month with the assumable
Your Savings on This Property
3011 Shikra View, Colorado Springs · 3.03% FHA vs 6.5% conventional
$454
per month
$5,443
per year
$163,276
over 30 years
$163,275
interest saved
How gap financing works: The equity gap ($66,330) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($15,000, 5% of purchase price) and a second mortgage for the rest ($51,330 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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