Loan Comparison: 3.76% vs 6.5%
4766 Kerry Lynn, Colorado Springs, CO 80922 · 3bd/3ba · $408,000
List Price
$408,000
Assumable Rate
3.76%
Remaining Balance
$363,585
Equity Gap
$44,414
Loan Type
FHAAdjust Your Scenario
$20,400
$20,400$44,414
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.76% (FHA)
Blended Rate: 4.05%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,450/moAssumable @ 3.76% + gap loan
$1,871/moAssumed loan: $1,686/mo
Gap financing: $185/mo
$579less per month with the assumable
Your Savings on This Property
4766 Kerry Lynn, Colorado Springs · 3.76% FHA vs 6.5% conventional
$579
per month
$6,952
per year
$208,572
over 30 years
$208,571
interest saved
How gap financing works: The equity gap ($44,414) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,400, 5% of purchase price) and a second mortgage for the rest ($24,014 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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