Loan Comparison: 3.06% vs 6.5%
1634 Woodpark, Colorado Springs, CO 80951 · 3bd/3ba · $387,000
List Price
$387,000
Assumable Rate
3.06%
Remaining Balance
$225,794
Equity Gap
$160,219
Loan Type
FHAAdjust Your Scenario
$19,350
$19,350$160,219
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.06% (FHA)
Blended Rate: 5.15%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,324/moAssumable @ 3.06% + gap loan
$2,042/moAssumed loan: $959/mo
Gap financing: $1,083/mo
$281less per month with the assumable
Your Savings on This Property
1634 Woodpark, Colorado Springs · 3.06% FHA vs 6.5% conventional
$281
per month
$3,376
per year
$101,289
over 30 years
$100,302
interest saved
How gap financing works: The equity gap ($160,219) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,350, 5% of purchase price) and a second mortgage for the rest ($140,869 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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