Loan Comparison: 3.06% vs 6.5%
7647 Whiptail, Colorado Springs, CO 80922 · 3bd/2ba · $245,900
List Price
$245,900
Assumable Rate
3.06%
Remaining Balance
$199,693
Equity Gap
$46,206
Loan Type
FHAAdjust Your Scenario
$12,295
$12,295$46,206
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.06% (FHA)
Blended Rate: 3.85%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,477/moAssumable @ 3.06% + gap loan
$1,109/moAssumed loan: $848/mo
Gap financing: $261/mo
$367less per month with the assumable
Your Savings on This Property
7647 Whiptail, Colorado Springs · 3.06% FHA vs 6.5% conventional
$367
per month
$4,409
per year
$132,266
over 30 years
$132,265
interest saved
How gap financing works: The equity gap ($46,206) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($12,295, 5% of purchase price) and a second mortgage for the rest ($33,911 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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