Loan Comparison: 3.69% vs 6.5%
5390 Balsam, Colorado Springs, CO 80923 · 3bd/3ba · $415,000
List Price
$415,000
Assumable Rate
3.69%
Remaining Balance
$238,386
Equity Gap
$177,132
Loan Type
FHAAdjust Your Scenario
$20,750
$20,750$177,132
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.69% (FHA)
Blended Rate: 5.60%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,492/moAssumable @ 3.69% + gap loan
$2,298/moAssumed loan: $1,096/mo
Gap financing: $1,202/mo
$194less per month with the assumable
Your Savings on This Property
5390 Balsam, Colorado Springs · 3.69% FHA vs 6.5% conventional
$194
per month
$2,323
per year
$69,690
over 30 years
$70,208
interest saved
How gap financing works: The equity gap ($177,132) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,750, 5% of purchase price) and a second mortgage for the rest ($156,382 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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