Loan Comparison: 3.62% vs 6.5%
5889 Huerfano, Colorado Springs, CO 80923 · 4bd/3ba · $485,000
List Price
$485,000
Assumable Rate
3.62%
Remaining Balance
$280,359
Equity Gap
$205,887
Loan Type
FHAAdjust Your Scenario
$24,250
$24,250$205,887
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.62% (FHA)
Blended Rate: 5.54%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,912/moAssumable @ 3.62% + gap loan
$2,674/moAssumed loan: $1,278/mo
Gap financing: $1,397/mo
$238less per month with the assumable
Your Savings on This Property
5889 Huerfano, Colorado Springs · 3.62% FHA vs 6.5% conventional
$238
per month
$2,854
per year
$85,619
over 30 years
$86,865
interest saved
How gap financing works: The equity gap ($205,887) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,250, 5% of purchase price) and a second mortgage for the rest ($181,637 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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