Loan Comparison: 3.07% vs 6.5%
5944 Sonesta, Colorado Springs, CO 80923 · 4bd/2ba · $460,000
List Price
$460,000
Assumable Rate
3.07%
Remaining Balance
$296,427
Equity Gap
$163,572
Loan Type
FHAAdjust Your Scenario
$23,000
$23,000$163,572
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.07% (FHA)
Blended Rate: 4.82%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,762/moAssumable @ 3.07% + gap loan
$2,342/moAssumed loan: $1,261/mo
Gap financing: $1,081/mo
$420less per month with the assumable
Your Savings on This Property
5944 Sonesta, Colorado Springs · 3.07% FHA vs 6.5% conventional
$420
per month
$5,044
per year
$151,306
over 30 years
$151,305
interest saved
How gap financing works: The equity gap ($163,572) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,000, 5% of purchase price) and a second mortgage for the rest ($140,572 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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