Loan Comparison: 3.23% vs 6.5%
2806 Tenderfoot Hill, Colorado Springs, CO 80906 · 3bd/4ba · $499,000
List Price
$499,000
Assumable Rate
3.23%
Remaining Balance
$308,248
Equity Gap
$202,553
Loan Type
FHAAdjust Your Scenario
$24,950
$24,950$202,553
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.23% (FHA)
Blended Rate: 5.16%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,996/moAssumable @ 3.23% + gap loan
$2,704/moAssumed loan: $1,338/mo
Gap financing: $1,366/mo
$293less per month with the assumable
Your Savings on This Property
2806 Tenderfoot Hill, Colorado Springs · 3.23% FHA vs 6.5% conventional
$293
per month
$3,511
per year
$105,326
over 30 years
$117,127
interest saved
How gap financing works: The equity gap ($202,553) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,950, 5% of purchase price) and a second mortgage for the rest ($177,603 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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