Loan Comparison: 3.07% vs 6.5%
3705 Windsor, Colorado Springs, CO 80907 · 5bd/2ba · $429,900
List Price
$429,900
Assumable Rate
3.07%
Remaining Balance
$344,502
Equity Gap
$85,397
Loan Type
FHAAdjust Your Scenario
$21,495
$21,495$85,397
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.07% (FHA)
Blended Rate: 3.92%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,581/moAssumable @ 3.07% + gap loan
$1,957/moAssumed loan: $1,465/mo
Gap financing: $491/mo
$625less per month with the assumable
Your Savings on This Property
3705 Windsor, Colorado Springs · 3.07% FHA vs 6.5% conventional
$625
per month
$7,495
per year
$224,847
over 30 years
$224,846
interest saved
How gap financing works: The equity gap ($85,397) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,495, 5% of purchase price) and a second mortgage for the rest ($63,902 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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