Loan Comparison: 3.45% vs 6.5%
2018 Oak, Colorado Springs, CO 80906 · 2bd/1ba · $435,000
List Price
$435,000
Assumable Rate
3.45%
Remaining Balance
$384,014
Equity Gap
$51,744
Loan Type
FHAAdjust Your Scenario
$21,750
$21,750$51,744
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.45% (FHA)
Blended Rate: 3.82%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,612/moAssumable @ 3.45% + gap loan
$1,944/moAssumed loan: $1,714/mo
Gap financing: $231/mo
$668less per month with the assumable
Your Savings on This Property
2018 Oak, Colorado Springs · 3.45% FHA vs 6.5% conventional
$668
per month
$8,012
per year
$240,372
over 30 years
$241,130
interest saved
How gap financing works: The equity gap ($51,744) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,750, 5% of purchase price) and a second mortgage for the rest ($29,994 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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