Loan Comparison: 3% vs 6.5%
523 Hancock, Colorado Springs, CO 80903 · 3bd/2ba · $349,900
List Price
$349,900
Assumable Rate
3%
Remaining Balance
$207,500
Equity Gap
$170,026
Loan Type
FHAAdjust Your Scenario
$17,495
$17,495$170,026
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3% (FHA)
Blended Rate: 5.33%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,101/moAssumable @ 3% + gap loan
$2,048/moAssumed loan: $875/mo
Gap financing: $1,173/mo
$53less per month with the assumable
Your Savings on This Property
523 Hancock, Colorado Springs · 3% FHA vs 6.5% conventional
$53
per month
$640
per year
$19,212
over 30 years
$46,838
interest saved
How gap financing works: The equity gap ($170,026) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,495, 5% of purchase price) and a second mortgage for the rest ($152,531 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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