Loan Comparison: 3.07% vs 6.5%
6674 Chantilly, Colorado Springs, CO 80922 · 4bd/4ba · $485,000
List Price
$485,000
Assumable Rate
3.07%
Remaining Balance
$437,509
Equity Gap
$66,086
Loan Type
FHAAdjust Your Scenario
$24,250
$24,250$66,086
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.07% (FHA)
Blended Rate: 3.54%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,912/moAssumable @ 3.07% + gap loan
$2,183/moAssumed loan: $1,861/mo
Gap financing: $322/mo
$729less per month with the assumable
Your Savings on This Property
6674 Chantilly, Colorado Springs · 3.07% FHA vs 6.5% conventional
$729
per month
$8,753
per year
$262,605
over 30 years
$281,200
interest saved
How gap financing works: The equity gap ($66,086) 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 ($41,836 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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