Loan Comparison: 3.77% vs 6.5%
8087 Mockorange, Colorado Springs, CO 80908 · 3bd/3ba · $421,950
List Price
$421,950
Assumable Rate
3.77%
Remaining Balance
$235,836
Equity Gap
$186,114
Loan Type
FHAAdjust Your Scenario
$21,098
$21,098$186,114
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.77% (FHA)
Blended Rate: 5.72%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,534/moAssumable @ 3.77% + gap loan
$2,364/moAssumed loan: $1,095/mo
Gap financing: $1,269/mo
$170less per month with the assumable
Your Savings on This Property
8087 Mockorange, Colorado Springs · 3.77% FHA vs 6.5% conventional
$170
per month
$2,040
per year
$61,185
over 30 years
$61,185
interest saved
How gap financing works: The equity gap ($186,114) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,098, 5% of purchase price) and a second mortgage for the rest ($165,016 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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