Loan Comparison: 3.47% vs 6.5%
6732 Fredrick, Colorado Springs, CO 80918 · 3bd/2ba · $425,000
List Price
$425,000
Assumable Rate
3.47%
Remaining Balance
$276,304
Equity Gap
$149,911
Loan Type
FHAAdjust Your Scenario
$21,250
$21,250$149,911
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.47% (FHA)
Blended Rate: 5.07%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,552/moAssumable @ 3.47% + gap loan
$2,225/moAssumed loan: $1,236/mo
Gap financing: $989/mo
$327less per month with the assumable
Your Savings on This Property
6732 Fredrick, Colorado Springs · 3.47% FHA vs 6.5% conventional
$327
per month
$3,919
per year
$117,568
over 30 years
$118,783
interest saved
How gap financing works: The equity gap ($149,911) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,250, 5% of purchase price) and a second mortgage for the rest ($128,661 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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