Loan Comparison: 6.96% vs 6.5%
6023 Scrub Jay Trail, Colorado Springs, CO 80925 · 4bd/3ba · $499,000
List Price
$499,000
Assumable Rate
6.96%
Remaining Balance
$445,021
Equity Gap
$53,979
Loan Type
FHAAdjust Your Scenario
$24,950
$24,950$53,979
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.96% (FHA)
Blended Rate: 6.99%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,996/moAssumable @ 6.96% + gap loan
$3,152/moAssumed loan: $2,949/mo
Gap financing: $203/mo
Your Savings on This Property
6023 Scrub Jay Trail, Colorado Springs · 6.96% 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 ($53,979) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,950, 5% of purchase price) and a second mortgage for the rest ($29,029 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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