Loan Comparison: 3.08% vs 6.5%
8278 Chasewood, Colorado Springs, CO 80908 · 5bd/4ba · $495,000
List Price
$495,000
Assumable Rate
3.08%
Remaining Balance
$340,134
Equity Gap
$154,865
Loan Type
FHAAdjust Your Scenario
$24,750
$24,750$154,865
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.08% (FHA)
Blended Rate: 4.58%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,972/moAssumable @ 3.08% + gap loan
$2,449/moAssumed loan: $1,449/mo
Gap financing: $1,000/mo
$523less per month with the assumable
Your Savings on This Property
8278 Chasewood, Colorado Springs · 3.08% FHA vs 6.5% conventional
$523
per month
$6,277
per year
$188,313
over 30 years
$188,312
interest saved
How gap financing works: The equity gap ($154,865) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,750, 5% of purchase price) and a second mortgage for the rest ($130,115 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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