Loan Comparison: 4.07% vs 6.5%
3412 Atlantic, Colorado Springs, CO 80910 · 3bd/2ba · $250,000
List Price
$250,000
Assumable Rate
4.07%
Remaining Balance
$179,464
Equity Gap
$77,438
Loan Type
FHAAdjust Your Scenario
$12,500
$12,500$77,438
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4.07% (FHA)
Blended Rate: 5.25%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,501/moAssumable @ 4.07% + gap loan
$1,363/moAssumed loan: $864/mo
Gap financing: $499/mo
$138less per month with the assumable
Your Savings on This Property
3412 Atlantic, Colorado Springs · 4.07% FHA vs 6.5% conventional
$138
per month
$1,654
per year
$49,607
over 30 years
$56,509
interest saved
How gap financing works: The equity gap ($77,438) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($12,500, 5% of purchase price) and a second mortgage for the rest ($64,938 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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