Loan Comparison: 3.72% vs 6.5%
4119 Palmer Park, Colorado Springs, CO 80909 · 4bd/2ba · $375,900
List Price
$375,900
Assumable Rate
3.72%
Remaining Balance
$253,886
Equity Gap
$131,778
Loan Type
FHAAdjust Your Scenario
$18,795
$18,795$131,778
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.72% (FHA)
Blended Rate: 5.19%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,257/moAssumable @ 3.72% + gap loan
$2,040/moAssumed loan: $1,171/mo
Gap financing: $869/mo
$217less per month with the assumable
Your Savings on This Property
4119 Palmer Park, Colorado Springs · 3.72% FHA vs 6.5% conventional
$217
per month
$2,603
per year
$78,097
over 30 years
$87,861
interest saved
How gap financing works: The equity gap ($131,778) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,795, 5% of purchase price) and a second mortgage for the rest ($112,983 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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