Loan Comparison: 3.23% vs 6.5%
4060 airport, Colorado Springs, CO 80910 · 4bd/4ba · $565,000
List Price
$565,000
Assumable Rate
3.23%
Remaining Balance
$370,361
Equity Gap
$194,639
Loan Type
FHAAdjust Your Scenario
$28,250
$28,250$194,639
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.23% (FHA)
Blended Rate: 4.86%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,393/moAssumable @ 3.23% + gap loan
$2,887/moAssumed loan: $1,608/mo
Gap financing: $1,279/mo
$505less per month with the assumable
Your Savings on This Property
4060 airport, Colorado Springs · 3.23% FHA vs 6.5% conventional
$505
per month
$6,066
per year
$181,968
over 30 years
$181,968
interest saved
How gap financing works: The equity gap ($194,639) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($28,250, 5% of purchase price) and a second mortgage for the rest ($166,389 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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