Loan Comparison: 3.77% vs 6.5%
8087 Mockorange, Colorado Springs, CO 80908 · 3bd/3ba · $410,000
List Price
$410,000
Assumable Rate
3.77%
Remaining Balance
$234,786
Equity Gap
$175,213
Loan Type
FHAAdjust Your Scenario
$20,500
$20,500$175,213
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.77% (FHA)
Blended Rate: 5.65%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,462/moAssumable @ 3.77% + gap loan
$2,280/moAssumed loan: $1,090/mo
Gap financing: $1,190/mo
$182less per month with the assumable
Your Savings on This Property
8087 Mockorange, Colorado Springs · 3.77% FHA vs 6.5% conventional
$182
per month
$2,188
per year
$65,628
over 30 years
$65,627
interest saved
How gap financing works: The equity gap ($175,213) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,500, 5% of purchase price) and a second mortgage for the rest ($154,713 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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