Loan Comparison: 3.06% vs 6.5%
1634 Woodpark, Colorado Springs, CO 80951 · 3bd/3ba · $425,000
List Price
$425,000
Assumable Rate
3.06%
Remaining Balance
$294,781
Equity Gap
$198,219
Loan Type
FHAAdjust Your Scenario
$21,250
$21,250$198,219
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.06% (FHA)
Blended Rate: 5.10%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,552/moAssumable @ 3.06% + gap loan
$2,613/moAssumed loan: $1,252/mo
Gap financing: $1,361/mo
Your Savings on This Property
1634 Woodpark, Colorado Springs · 3.06% FHA vs 6.5% conventional
$0
per month
$0
per year
$0
over 30 years
$45,993
interest saved
How gap financing works: The equity gap ($198,219) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,250, 5% of purchase price) and a second mortgage for the rest ($176,969 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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