Loan Comparison: 3.62% vs 6.5%
2232 Palm, Colorado Springs, CO 80918 · 3bd/3ba · $360,000
List Price
$360,000
Assumable Rate
3.62%
Remaining Balance
$212,360
Equity Gap
$147,639
Loan Type
FHAAdjust Your Scenario
$18,000
$18,000$147,639
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.62% (FHA)
Blended Rate: 5.47%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,162/moAssumable @ 3.62% + gap loan
$1,965/moAssumed loan: $968/mo
Gap financing: $997/mo
$197less per month with the assumable
Your Savings on This Property
2232 Palm, Colorado Springs · 3.62% FHA vs 6.5% conventional
$197
per month
$2,364
per year
$70,916
over 30 years
$70,915
interest saved
How gap financing works: The equity gap ($147,639) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,000, 5% of purchase price) and a second mortgage for the rest ($129,639 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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