Loan Comparison: 3.07% vs 6.5%
8443 Grand Carriage, Colorado Springs, CO 80920 · 3bd/3ba · $540,000
List Price
$540,000
Assumable Rate
3.07%
Remaining Balance
$297,985
Equity Gap
$242,015
Loan Type
FHAAdjust Your Scenario
$27,000
$27,000$242,015
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.07% (FHA)
Blended Rate: 5.35%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,243/moAssumable @ 3.07% + gap loan
$2,921/moAssumed loan: $1,268/mo
Gap financing: $1,653/mo
$322less per month with the assumable
Your Savings on This Property
8443 Grand Carriage, Colorado Springs · 3.07% FHA vs 6.5% conventional
$322
per month
$3,860
per year
$115,789
over 30 years
$115,789
interest saved
How gap financing works: The equity gap ($242,015) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($27,000, 5% of purchase price) and a second mortgage for the rest ($215,015 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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