Loan Comparison: 3.08% vs 6.5%
4650 Ports Down, Colorado Springs, CO 80911 · 3bd/3ba · $310,000
List Price
$310,000
Assumable Rate
3.08%
Remaining Balance
$230,708
Equity Gap
$78,782
Loan Type
FHAAdjust Your Scenario
$15,500
$15,500$78,782
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.08% (FHA)
Blended Rate: 4.25%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,861/moAssumable @ 3.08% + gap loan
$1,469/moAssumed loan: $983/mo
Gap financing: $487/mo
$392less per month with the assumable
Your Savings on This Property
4650 Ports Down, Colorado Springs · 3.08% FHA vs 6.5% conventional
$392
per month
$4,706
per year
$141,192
over 30 years
$140,682
interest saved
How gap financing works: The equity gap ($78,782) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($15,500, 5% of purchase price) and a second mortgage for the rest ($63,282 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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