Loan Comparison: 3.23% vs 6.5%
8085 Freemantle, Colorado Springs, CO 80920 · 3bd/1ba · $395,000
List Price
$395,000
Assumable Rate
3.23%
Remaining Balance
$306,609
Equity Gap
$137,805
Loan Type
FHAAdjust Your Scenario
$19,750
$19,750$137,805
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.23% (FHA)
Blended Rate: 4.70%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,372/moAssumable @ 3.23% + gap loan
$2,239/moAssumed loan: $1,331/mo
Gap financing: $908/mo
$133less per month with the assumable
Your Savings on This Property
8085 Freemantle, Colorado Springs · 3.23% FHA vs 6.5% conventional
$133
per month
$1,597
per year
$47,907
over 30 years
$97,321
interest saved
How gap financing works: The equity gap ($137,805) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,750, 5% of purchase price) and a second mortgage for the rest ($118,055 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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