Loan Comparison: 6.39% vs 6.5%
3225 Oak Creek Drive, Colorado Springs, CO 80906 · 5bd/3ba · $449,900
List Price
$449,900
Assumable Rate
6.39%
Remaining Balance
$381,435
Equity Gap
$68,465
Loan Type
FHAAdjust Your Scenario
$22,495
$22,495$68,465
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.39% (FHA)
Blended Rate: 6.51%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,701/moAssumable @ 6.39% + gap loan
$2,705/moAssumed loan: $2,383/mo
Gap financing: $321/mo
Your Savings on This Property
3225 Oak Creek Drive, Colorado Springs · 6.39% FHA vs 6.5% conventional
$0
per month
$0
per year
$0
over 30 years
$0
interest saved
How gap financing works: The equity gap ($68,465) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,495, 5% of purchase price) and a second mortgage for the rest ($45,970 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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