Loan Comparison: 3.02% vs 6.5%
8927 Backgammon, Colorado Springs, CO 80924 · 3bd/3ba · $625,000
List Price
$625,000
Assumable Rate
3.02%
Remaining Balance
$322,951
Equity Gap
$353,802
Loan Type
FHAAdjust Your Scenario
$31,250
$31,250$353,802
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.02% (FHA)
Blended Rate: 5.76%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,753/moAssumable @ 3.02% + gap loan
$3,845/moAssumed loan: $1,365/mo
Gap financing: $2,480/mo
Your Savings on This Property
8927 Backgammon, Colorado Springs · 3.02% FHA vs 6.5% conventional
$0
per month
$0
per year
$0
over 30 years
$18,524
interest saved
How gap financing works: The equity gap ($353,802) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($31,250, 5% of purchase price) and a second mortgage for the rest ($322,552 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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