Loan Comparison: 3.45% vs 6.5%
615 Chamberlin, Colorado Springs, CO 80906 · 5bd/3ba · $455,000
List Price
$455,000
Assumable Rate
3.45%
Remaining Balance
$284,652
Equity Gap
$169,713
Loan Type
FHAAdjust Your Scenario
$22,750
$22,750$169,713
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.45% (FHA)
Blended Rate: 5.17%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,732/moAssumable @ 3.45% + gap loan
$2,400/moAssumed loan: $1,270/mo
Gap financing: $1,130/mo
$332less per month with the assumable
Your Savings on This Property
615 Chamberlin, Colorado Springs · 3.45% FHA vs 6.5% conventional
$332
per month
$3,982
per year
$119,453
over 30 years
$118,818
interest saved
How gap financing works: The equity gap ($169,713) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,750, 5% of purchase price) and a second mortgage for the rest ($146,963 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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