Loan Comparison: 3.17% vs 6.5%
1215 Falcon, Colorado Springs, CO 80905 · 2bd/1ba · $290,000
List Price
$290,000
Assumable Rate
3.17%
Remaining Balance
$251,525
Equity Gap
$49,725
Loan Type
FHAAdjust Your Scenario
$14,500
$14,500$49,725
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.17% (FHA)
Blended Rate: 3.82%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,741/moAssumable @ 3.17% + gap loan
$1,354/moAssumed loan: $1,084/mo
Gap financing: $271/mo
$387less per month with the assumable
Your Savings on This Property
1215 Falcon, Colorado Springs · 3.17% FHA vs 6.5% conventional
$387
per month
$4,642
per year
$139,269
over 30 years
$150,519
interest saved
How gap financing works: The equity gap ($49,725) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($14,500, 5% of purchase price) and a second mortgage for the rest ($35,225 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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