Loan Comparison: 3.1% vs 6.5%
6220 Northwind, Colorado Springs, CO 80918 · 4bd/3ba · $495,000
List Price
$495,000
Assumable Rate
3.1%
Remaining Balance
$412,867
Equity Gap
$82,132
Loan Type
FHAAdjust Your Scenario
$24,750
$24,750$82,132
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.1% (FHA)
Blended Rate: 3.76%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,972/moAssumable @ 3.1% + gap loan
$2,204/moAssumed loan: $1,763/mo
Gap financing: $441/mo
$768less per month with the assumable
Your Savings on This Property
6220 Northwind, Colorado Springs · 3.1% FHA vs 6.5% conventional
$768
per month
$9,217
per year
$276,506
over 30 years
$276,505
interest saved
How gap financing works: The equity gap ($82,132) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,750, 5% of purchase price) and a second mortgage for the rest ($57,382 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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