Loan Comparison: 3.72% vs 6.5%
1919 Franklin, Colorado Springs, CO 80905 · 0bd/0ba · $315,000
List Price
$315,000
Assumable Rate
3.72%
Remaining Balance
$239,047
Equity Gap
$125,324
Loan Type
FHAAdjust Your Scenario
$15,750
$15,750$125,324
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.72% (FHA)
Blended Rate: 5.22%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,891/moAssumable @ 3.72% + gap loan
$1,946/moAssumed loan: $1,103/mo
Gap financing: $843/mo
Your Savings on This Property
1919 Franklin, Colorado Springs · 3.72% FHA vs 6.5% conventional
$0
per month
$0
per year
$0
over 30 years
$29,908
interest saved
How gap financing works: The equity gap ($125,324) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($15,750, 5% of purchase price) and a second mortgage for the rest ($109,574 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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