Loan Comparison: 3.72% vs 6.5%
3435 Cortina, Colorado Springs, CO 80918 · 5bd/2ba · $429,999
List Price
$429,999
Assumable Rate
3.72%
Remaining Balance
$330,392
Equity Gap
$111,714
Loan Type
FHAAdjust Your Scenario
$21,500
$21,500$111,714
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.72% (FHA)
Blended Rate: 4.75%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,582/moAssumable @ 3.72% + gap loan
$2,218/moAssumed loan: $1,524/mo
Gap financing: $694/mo
$364less per month with the assumable
Your Savings on This Property
3435 Cortina, Colorado Springs · 3.72% FHA vs 6.5% conventional
$364
per month
$4,366
per year
$130,985
over 30 years
$143,092
interest saved
How gap financing works: The equity gap ($111,714) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,500, 5% of purchase price) and a second mortgage for the rest ($90,214 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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