Loan Comparison: 3.23% vs 6.5%
2806 Tenderfoot Hill, Colorado Springs, CO 80906 · 3bd/4ba · $489,000
List Price
$489,000
Assumable Rate
3.23%
Remaining Balance
$295,774
Equity Gap
$193,225
Loan Type
FHAAdjust Your Scenario
$24,450
$24,450$193,225
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.23% (FHA)
Blended Rate: 5.14%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,936/moAssumable @ 3.23% + gap loan
$2,582/moAssumed loan: $1,284/mo
Gap financing: $1,298/mo
$355less per month with the assumable
Your Savings on This Property
2806 Tenderfoot Hill, Colorado Springs · 3.23% FHA vs 6.5% conventional
$355
per month
$4,255
per year
$127,640
over 30 years
$127,639
interest saved
How gap financing works: The equity gap ($193,225) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,450, 5% of purchase price) and a second mortgage for the rest ($168,775 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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