Loan Comparison: 3.91% vs 6.5%
6140 Papoose Lane, Colorado Springs, CO 80923 · 5bd/2ba · $474,900
List Price
$474,900
Assumable Rate
3.91%
Remaining Balance
$168,287
Equity Gap
$306,612
Loan Type
FHAAdjust Your Scenario
$23,745
$23,745$306,612
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.91% (FHA)
Blended Rate: 6.16%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,852/moAssumable @ 3.91% + gap loan
$2,773/moAssumed loan: $795/mo
Gap financing: $1,978/mo
$79less per month with the assumable
Your Savings on This Property
6140 Papoose Lane, Colorado Springs · 3.91% FHA vs 6.5% conventional
$79
per month
$948
per year
$28,454
over 30 years
$28,453
interest saved
How gap financing works: The equity gap ($306,612) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,745, 5% of purchase price) and a second mortgage for the rest ($282,867 at 7.5%). 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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