Loan Comparison: 3.92% vs 6.5%
3103 Fireweed, Colorado Springs, CO 80918 · 4bd/2ba · $419,000
List Price
$419,000
Assumable Rate
3.92%
Remaining Balance
$107,408
Equity Gap
$311,592
Loan Type
FHAAdjust Your Scenario
$20,950
$20,950$311,592
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.92% (FHA)
Blended Rate: 7.26%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,516/moAssumable @ 3.92% + gap loan
$2,743/moAssumed loan: $508/mo
Gap financing: $2,235/mo
Your Savings on This Property
3103 Fireweed, Colorado Springs · 3.92% 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 ($311,592) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,950, 5% of purchase price) and a second mortgage for the rest ($290,642 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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