Loan Comparison: 3.5% vs 6.5%
6635 Ocean, Colorado Springs, CO 80911 · 5bd/3ba · $399,900
List Price
$399,900
Assumable Rate
3.5%
Remaining Balance
$294,566
Equity Gap
$143,561
Loan Type
FHAAdjust Your Scenario
$19,995
$19,995$143,561
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.5% (FHA)
Blended Rate: 4.98%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,401/moAssumable @ 3.5% + gap loan
$2,273/moAssumed loan: $1,323/mo
Gap financing: $950/mo
$128less per month with the assumable
Your Savings on This Property
6635 Ocean, Colorado Springs · 3.5% FHA vs 6.5% conventional
$128
per month
$1,541
per year
$46,227
over 30 years
$84,454
interest saved
How gap financing works: The equity gap ($143,561) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,995, 5% of purchase price) and a second mortgage for the rest ($123,566 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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