Loan Comparison: 3.65% vs 6.5%
7569 Chenoa Court, Colorado Springs, CO 80915 · 4bd/3ba · $434,900
List Price
$434,900
Assumable Rate
3.65%
Remaining Balance
$225,011
Equity Gap
$209,889
Loan Type
FHAAdjust Your Scenario
$21,745
$21,745$209,889
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.65% (FHA)
Blended Rate: 5.40%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,611/moAssumable @ 3.65% + gap loan
$2,345/moAssumed loan: $1,029/mo
Gap financing: $1,316/mo
$267less per month with the assumable
Your Savings on This Property
7569 Chenoa Court, Colorado Springs · 3.65% FHA vs 6.5% conventional
$267
per month
$3,199
per year
$95,960
over 30 years
$95,960
interest saved
How gap financing works: The equity gap ($209,889) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,745, 5% of purchase price) and a second mortgage for the rest ($188,144 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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