Loan Comparison: 3.5% vs 6.5%
3914 Berkley, Colorado Springs, CO 80906 · 3bd/3ba · $303,000
List Price
$303,000
Assumable Rate
3.5%
Remaining Balance
$31,317
Equity Gap
$271,221
Loan Type
FHAAdjust Your Scenario
$15,150
$15,150$271,221
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.5% (FHA)
Blended Rate: 7.96%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,819/moAssumable @ 3.5% + gap loan
$2,110/moAssumed loan: $141/mo
Gap financing: $1,969/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 ($271,221) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($15,150, 5% of purchase price) and a second mortgage for the rest ($256,071 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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