Loan Comparison: 3.08% vs 6.5%
4265 Dolphin, Colorado Springs, CO 80918 · 3bd/2ba · $399,900
List Price
$399,900
Assumable Rate
3.08%
Remaining Balance
$321,204
Equity Gap
$78,696
Loan Type
FHAAdjust Your Scenario
$19,995
$19,995$78,696
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.08% (FHA)
Blended Rate: 3.92%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,401/moAssumable @ 3.08% + gap loan
$1,819/moAssumed loan: $1,368/mo
Gap financing: $451/mo
$582less per month with the assumable
Your Savings on This Property
4265 Dolphin, Colorado Springs · 3.08% FHA vs 6.5% conventional
$582
per month
$6,981
per year
$209,445
over 30 years
$209,445
interest saved
How gap financing works: The equity gap ($78,696) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,995, 5% of purchase price) and a second mortgage for the rest ($58,701 at 8.5%). 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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