Loan Comparison: 3.23% vs 6.5%
8040 Sandy, Colorado Springs, CO 80939 · 4bd/3ba · $420,000
List Price
$420,000
Assumable Rate
3.23%
Remaining Balance
$317,338
Equity Gap
$115,553
Loan Type
FHAAdjust Your Scenario
$21,000
$21,000$115,553
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.23% (FHA)
Blended Rate: 4.44%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,522/moAssumable @ 3.23% + gap loan
$2,105/moAssumed loan: $1,378/mo
Gap financing: $727/mo
$417less per month with the assumable
Your Savings on This Property
8040 Sandy, Colorado Springs · 3.23% FHA vs 6.5% conventional
$417
per month
$5,008
per year
$150,238
over 30 years
$163,129
interest saved
How gap financing works: The equity gap ($115,553) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,000, 5% of purchase price) and a second mortgage for the rest ($94,553 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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