Loan Comparison: 3.45% vs 6.5%
848 London Green, Colorado Springs, CO 80906 · 3bd/2ba · $279,000
List Price
$279,000
Assumable Rate
3.45%
Remaining Balance
$189,898
Equity Gap
$89,101
Loan Type
FHAAdjust Your Scenario
$13,950
$13,950$89,101
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.45% (FHA)
Blended Rate: 4.88%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,675/moAssumable @ 3.45% + gap loan
$1,425/moAssumed loan: $847/mo
Gap financing: $578/mo
$250less per month with the assumable
Your Savings on This Property
848 London Green, Colorado Springs · 3.45% FHA vs 6.5% conventional
$250
per month
$3,000
per year
$90,005
over 30 years
$90,004
interest saved
How gap financing works: The equity gap ($89,101) 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 ($75,151 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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