Loan Comparison: 3.31% vs 6.5%
8349 Colorado Spruce, Colorado Springs, CO 80927 · 3bd/3ba · $470,000
List Price
$470,000
Assumable Rate
3.31%
Remaining Balance
$308,449
Equity Gap
$161,551
Loan Type
FHAAdjust Your Scenario
$23,500
$23,500$161,551
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.31% (FHA)
Blended Rate: 4.91%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,822/moAssumable @ 3.31% + gap loan
$2,414/moAssumed loan: $1,353/mo
Gap financing: $1,061/mo
$408less per month with the assumable
Your Savings on This Property
8349 Colorado Spruce, Colorado Springs · 3.31% FHA vs 6.5% conventional
$408
per month
$4,897
per year
$146,924
over 30 years
$146,924
interest saved
How gap financing works: The equity gap ($161,551) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,500, 5% of purchase price) and a second mortgage for the rest ($138,051 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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