Loan Comparison: 3.6% vs 6.5%
4119 Palmer Park, Colorado Springs, CO 80909 · 4bd/2ba · $375,900
List Price
$375,900
Assumable Rate
3.6%
Remaining Balance
$291,030
Equity Gap
$132,942
Loan Type
FHAAdjust Your Scenario
$18,795
$18,795$132,942
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.6% (FHA)
Blended Rate: 4.98%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,257/moAssumable @ 3.6% + gap loan
$2,201/moAssumed loan: $1,323/mo
Gap financing: $878/mo
$56less per month with the assumable
Your Savings on This Property
4119 Palmer Park, Colorado Springs · 3.6% FHA vs 6.5% conventional
$56
per month
$676
per year
$20,268
over 30 years
$68,340
interest saved
How gap financing works: The equity gap ($132,942) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,795, 5% of purchase price) and a second mortgage for the rest ($114,147 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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