Loan Comparison: 3.16% vs 6.5%
495 Harvard, Colorado Springs, CO 80911 · 4bd/3ba · $359,000
List Price
$359,000
Assumable Rate
3.16%
Remaining Balance
$214,855
Equity Gap
$144,145
Loan Type
FHAAdjust Your Scenario
$17,950
$17,950$144,145
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.16% (FHA)
Blended Rate: 5.14%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,156/moAssumable @ 3.16% + gap loan
$1,895/moAssumed loan: $924/mo
Gap financing: $970/mo
$261less per month with the assumable
Your Savings on This Property
495 Harvard, Colorado Springs · 3.16% FHA vs 6.5% conventional
$261
per month
$3,130
per year
$93,908
over 30 years
$93,908
interest saved
How gap financing works: The equity gap ($144,145) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,950, 5% of purchase price) and a second mortgage for the rest ($126,195 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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