Loan Comparison: 3.1% vs 6.5%
6220 Northwind, Colorado Springs, CO 80918 · 4bd/3ba · $500,000
List Price
$500,000
Assumable Rate
3.1%
Remaining Balance
$415,478
Equity Gap
$86,260
Loan Type
FHAAdjust Your Scenario
$25,000
$25,000$86,260
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.1% (FHA)
Blended Rate: 3.79%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,002/moAssumable @ 3.1% + gap loan
$2,245/moAssumed loan: $1,774/mo
Gap financing: $471/mo
$757less per month with the assumable
Your Savings on This Property
6220 Northwind, Colorado Springs · 3.1% FHA vs 6.5% conventional
$757
per month
$9,086
per year
$272,566
over 30 years
$274,304
interest saved
How gap financing works: The equity gap ($86,260) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($25,000, 5% of purchase price) and a second mortgage for the rest ($61,260 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.
🏠
Back to This Listing
View photos, details, and request a showing for 6220 Northwind.
View Listing Details📈
Interested in This Home?
Get full loan details and schedule a showing. Free, no obligation.