Loan Comparison: 3.96% vs 6.5%
1268 Chiricahua, Colorado Springs, CO 80915 · 4bd/3ba · $390,000
List Price
$390,000
Assumable Rate
3.96%
Remaining Balance
$150,563
Equity Gap
$239,025
Loan Type
FHAAdjust Your Scenario
$19,500
$19,500$239,025
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.96% (FHA)
Blended Rate: 6.65%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,342/moAssumable @ 3.96% + gap loan
$2,403/moAssumed loan: $715/mo
Gap financing: $1,688/mo
Your Savings on This Property
1268 Chiricahua, Colorado Springs · 3.96% 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 ($239,025) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,500, 5% of purchase price) and a second mortgage for the rest ($219,525 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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