Loan Comparison: 3.61% vs 6.5%
6944 Ash Creek, Colorado Springs, CO 80922 · 2bd/2ba · $279,000
List Price
$279,000
Assumable Rate
3.61%
Remaining Balance
$181,169
Equity Gap
$97,831
Loan Type
FHAAdjust Your Scenario
$13,950
$13,950$97,831
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.61% (FHA)
Blended Rate: 5.16%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,675/moAssumable @ 3.61% + gap loan
$1,470/moAssumed loan: $825/mo
Gap financing: $645/mo
$206less per month with the assumable
Your Savings on This Property
6944 Ash Creek, Colorado Springs · 3.61% FHA vs 6.5% conventional
$206
per month
$2,468
per year
$74,027
over 30 years
$74,027
interest saved
How gap financing works: The equity gap ($97,831) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($13,950, 5% of purchase price) and a second mortgage for the rest ($83,881 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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