Loan Comparison: 3.06% vs 6.5%
7647 Whiptail, Colorado Springs, CO 80922 · 3bd/2ba · $249,900
List Price
$249,900
Assumable Rate
3.06%
Remaining Balance
$209,074
Equity Gap
$49,765
Loan Type
FHAAdjust Your Scenario
$12,495
$12,495$49,765
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.06% (FHA)
Blended Rate: 3.88%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,501/moAssumable @ 3.06% + gap loan
$1,175/moAssumed loan: $888/mo
Gap financing: $287/mo
$326less per month with the assumable
Your Savings on This Property
7647 Whiptail, Colorado Springs · 3.06% FHA vs 6.5% conventional
$326
per month
$3,909
per year
$117,267
over 30 years
$126,206
interest saved
How gap financing works: The equity gap ($49,765) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($12,495, 5% of purchase price) and a second mortgage for the rest ($37,270 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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