Loan Comparison: 3.23% vs 6.5%
8085 Freemantle, Colorado Springs, CO 80920 · 3bd/1ba · $389,000
List Price
$389,000
Assumable Rate
3.23%
Remaining Balance
$256,608
Equity Gap
$132,391
Loan Type
FHAAdjust Your Scenario
$19,450
$19,450$132,391
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.23% (FHA)
Blended Rate: 4.84%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,336/moAssumable @ 3.23% + gap loan
$1,982/moAssumed loan: $1,114/mo
Gap financing: $868/mo
$353less per month with the assumable
Your Savings on This Property
8085 Freemantle, Colorado Springs · 3.23% FHA vs 6.5% conventional
$353
per month
$4,241
per year
$127,235
over 30 years
$127,234
interest saved
How gap financing works: The equity gap ($132,391) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,450, 5% of purchase price) and a second mortgage for the rest ($112,941 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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