Loan Comparison: 3.5% vs 6.5%
3914 Berkley, Colorado Springs, CO 80906 · 3bd/3ba · $318,000
List Price
$318,000
Assumable Rate
3.5%
Remaining Balance
$31,548
Equity Gap
$286,451
Loan Type
FHAAdjust Your Scenario
$15,900
$15,900$286,451
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.5% (FHA)
Blended Rate: 7.98%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,909/moAssumable @ 3.5% + gap loan
$2,222/moAssumed loan: $142/mo
Gap financing: $2,080/mo
Your Savings on This Property
3914 Berkley, Colorado Springs · 3.5% FHA vs 6.5% conventional
$0
per month
$0
per year
$0
over 30 years
$0
interest saved
How gap financing works: The equity gap ($286,451) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($15,900, 5% of purchase price) and a second mortgage for the rest ($270,551 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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