Loan Comparison: 3.76% vs 6.5%
4766 Kerry Lynn, Colorado Springs, CO 80922 · 3bd/3ba · $404,000
List Price
$404,000
Assumable Rate
3.76%
Remaining Balance
$362,219
Equity Gap
$41,780
Loan Type
FHAAdjust Your Scenario
$20,200
$20,200$41,780
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.76% (FHA)
Blended Rate: 4.03%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,426/moAssumable @ 3.76% + gap loan
$1,845/moAssumed loan: $1,680/mo
Gap financing: $166/mo
$580less per month with the assumable
Your Savings on This Property
4766 Kerry Lynn, Colorado Springs · 3.76% FHA vs 6.5% conventional
$580
per month
$6,965
per year
$208,943
over 30 years
$208,942
interest saved
How gap financing works: The equity gap ($41,780) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,200, 5% of purchase price) and a second mortgage for the rest ($21,580 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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