Loan Comparison: 3.73% vs 6.5%
6202 Pilgrimage, Colorado Springs, CO 80925 · 5bd/4ba · $375,000
List Price
$375,000
Assumable Rate
3.73%
Remaining Balance
$282,769
Equity Gap
$92,855
Loan Type
FHAAdjust Your Scenario
$18,750
$18,750$92,855
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.73% (FHA)
Blended Rate: 4.72%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,252/moAssumable @ 3.73% + gap loan
$1,876/moAssumed loan: $1,306/mo
Gap financing: $570/mo
$376less per month with the assumable
Your Savings on This Property
6202 Pilgrimage, Colorado Springs · 3.73% FHA vs 6.5% conventional
$376
per month
$4,507
per year
$135,216
over 30 years
$135,840
interest saved
How gap financing works: The equity gap ($92,855) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,750, 5% of purchase price) and a second mortgage for the rest ($74,105 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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