Loan Comparison: 4.07% vs 6.5%
3412 Atlantic, Colorado Springs, CO 80910 · 3bd/2ba · $250,000
List Price
$250,000
Assumable Rate
4.07%
Remaining Balance
$172,187
Equity Gap
$77,812
Loan Type
FHAAdjust Your Scenario
$12,500
$12,500$77,812
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4.07% (FHA)
Blended Rate: 5.29%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,501/moAssumable @ 4.07% + gap loan
$1,331/moAssumed loan: $829/mo
Gap financing: $502/mo
$170less per month with the assumable
Your Savings on This Property
3412 Atlantic, Colorado Springs · 4.07% FHA vs 6.5% conventional
$170
per month
$2,039
per year
$61,185
over 30 years
$61,184
interest saved
How gap financing works: The equity gap ($77,812) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($12,500, 5% of purchase price) and a second mortgage for the rest ($65,312 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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