Loan Comparison: 3.1% vs 6.5%
6220 Northwind, Colorado Springs, CO 80918 · 4bd/3ba · $479,000
List Price
$479,000
Assumable Rate
3.1%
Remaining Balance
$411,992
Equity Gap
$67,007
Loan Type
FHAAdjust Your Scenario
$23,950
$23,950$67,007
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.1% (FHA)
Blended Rate: 3.61%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,876/moAssumable @ 3.1% + gap loan
$2,090/moAssumed loan: $1,759/mo
Gap financing: $331/mo
$786less per month with the assumable
Your Savings on This Property
6220 Northwind, Colorado Springs · 3.1% FHA vs 6.5% conventional
$786
per month
$9,431
per year
$282,917
over 30 years
$282,916
interest saved
How gap financing works: The equity gap ($67,007) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,950, 5% of purchase price) and a second mortgage for the rest ($43,057 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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