Loan Comparison: 3.45% vs 6.5%
2018 Oak, Colorado Springs, CO 80906 · 2bd/1ba · $424,900
List Price
$424,900
Assumable Rate
3.45%
Remaining Balance
$382,495
Equity Gap
$41,644
Loan Type
FHAAdjust Your Scenario
$21,245
$21,245$41,644
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.45% (FHA)
Blended Rate: 3.71%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,551/moAssumable @ 3.45% + gap loan
$1,864/moAssumed loan: $1,707/mo
Gap financing: $157/mo
$688less per month with the assumable
Your Savings on This Property
2018 Oak, Colorado Springs · 3.45% FHA vs 6.5% conventional
$688
per month
$8,251
per year
$247,539
over 30 years
$246,778
interest saved
How gap financing works: The equity gap ($41,644) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,245, 5% of purchase price) and a second mortgage for the rest ($20,399 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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