Loan Comparison: 3.85% vs 6.5%
6948 Prince, Colorado Springs, CO 80918 · 5bd/4ba · $495,000
List Price
$495,000
Assumable Rate
3.85%
Remaining Balance
$297,081
Equity Gap
$197,919
Loan Type
FHAAdjust Your Scenario
$24,750
$24,750$197,919
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.85% (FHA)
Blended Rate: 5.56%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,972/moAssumable @ 3.85% + gap loan
$2,724/moAssumed loan: $1,393/mo
Gap financing: $1,332/mo
$248less per month with the assumable
Your Savings on This Property
6948 Prince, Colorado Springs · 3.85% FHA vs 6.5% conventional
$248
per month
$2,976
per year
$89,294
over 30 years
$89,294
interest saved
How gap financing works: The equity gap ($197,919) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,750, 5% of purchase price) and a second mortgage for the rest ($173,169 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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