Loan Comparison: 3.05% vs 6.5%
4652 Ardley Drive, Colorado Springs, CO 80922 · 2bd/1ba · $355,250
List Price
$355,250
Assumable Rate
3.05%
Remaining Balance
$304,112
Equity Gap
$51,137
Loan Type
FHAAdjust Your Scenario
$17,763
$17,763$51,137
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.05% (FHA)
Blended Rate: 3.49%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,133/moAssumable @ 3.05% + gap loan
$1,524/moAssumed loan: $1,290/mo
Gap financing: $233/mo
$609less per month with the assumable
Your Savings on This Property
4652 Ardley Drive, Colorado Springs · 3.05% FHA vs 6.5% conventional
$609
per month
$7,313
per year
$219,395
over 30 years
$219,394
interest saved
How gap financing works: The equity gap ($51,137) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,763, 5% of purchase price) and a second mortgage for the rest ($33,374 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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