Loan Comparison: 3.76% vs 6.5%
6472 Barr, Colorado Springs, CO 80924 · 3bd/3ba · $485,000
List Price
$485,000
Assumable Rate
3.76%
Remaining Balance
$426,835
Equity Gap
$58,165
Loan Type
FHAAdjust Your Scenario
$24,250
$24,250$58,165
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.76% (FHA)
Blended Rate: 4.11%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,912/moAssumable @ 3.76% + gap loan
$2,240/moAssumed loan: $1,979/mo
Gap financing: $261/mo
$672less per month with the assumable
Your Savings on This Property
6472 Barr, Colorado Springs · 3.76% FHA vs 6.5% conventional
$672
per month
$8,068
per year
$242,033
over 30 years
$242,033
interest saved
How gap financing works: The equity gap ($58,165) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,250, 5% of purchase price) and a second mortgage for the rest ($33,915 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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