Loan Comparison: 3.57% vs 6.5%
215 Jefferson, Colorado Springs, CO 80907 · 2bd/2ba · $429,000
List Price
$429,000
Assumable Rate
3.57%
Remaining Balance
$109,817
Equity Gap
$319,182
Loan Type
FHAAdjust Your Scenario
$21,450
$21,450$319,182
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.57% (FHA)
Blended Rate: 7.17%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,576/moAssumable @ 3.57% + gap loan
$2,787/moAssumed loan: $497/mo
Gap financing: $2,289/mo
Your Savings on This Property
215 Jefferson, Colorado Springs · 3.57% FHA vs 6.5% conventional
$0
per month
$0
per year
$0
over 30 years
$0
interest saved
How gap financing works: The equity gap ($319,182) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,450, 5% of purchase price) and a second mortgage for the rest ($297,732 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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