Loan Comparison: 3.07% vs 6.5%
10191 Roughshod, Colorado Springs, CO 80925 · 2bd/3ba · $359,950
List Price
$359,950
Assumable Rate
3.07%
Remaining Balance
$303,689
Equity Gap
$55,619
Loan Type
FHAAdjust Your Scenario
$17,998
$17,998$55,619
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.07% (FHA)
Blended Rate: 3.67%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,161/moAssumable @ 3.07% + gap loan
$1,581/moAssumed loan: $1,292/mo
Gap financing: $289/mo
$580less per month with the assumable
Your Savings on This Property
10191 Roughshod, Colorado Springs · 3.07% FHA vs 6.5% conventional
$580
per month
$6,963
per year
$208,887
over 30 years
$208,244
interest saved
How gap financing works: The equity gap ($55,619) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,998, 5% of purchase price) and a second mortgage for the rest ($37,621 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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