Loan Comparison: 3.16% vs 6.5%
5363 Old Farm, Colorado Springs, CO 80917 · 5bd/3ba · $485,000
List Price
$485,000
Assumable Rate
3.16%
Remaining Balance
$343,810
Equity Gap
$195,595
Loan Type
FHAAdjust Your Scenario
$24,250
$24,250$195,595
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.16% (FHA)
Blended Rate: 4.94%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,912/moAssumable @ 3.16% + gap loan
$2,797/moAssumed loan: $1,479/mo
Gap financing: $1,317/mo
$115less per month with the assumable
Your Savings on This Property
5363 Old Farm, Colorado Springs · 3.16% FHA vs 6.5% conventional
$115
per month
$1,385
per year
$41,546
over 30 years
$95,951
interest saved
How gap financing works: The equity gap ($195,595) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,250, 5% of purchase price) and a second mortgage for the rest ($171,345 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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