Loan Comparison: 3.38% vs 6.5%
6423 Leisure Hill, Colorado Springs, CO 80923 · 3bd/3ba · $368,000
List Price
$368,000
Assumable Rate
3.38%
Remaining Balance
$110,648
Equity Gap
$257,352
Loan Type
FHAAdjust Your Scenario
$18,400
$18,400$257,352
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.38% (FHA)
Blended Rate: 6.88%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,210/moAssumable @ 3.38% + gap loan
$2,327/moAssumed loan: $489/mo
Gap financing: $1,837/mo
Your Savings on This Property
6423 Leisure Hill, Colorado Springs · 3.38% 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 ($257,352) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,400, 5% of purchase price) and a second mortgage for the rest ($238,952 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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