Loan Comparison: 5.55% vs 6.5%
36 Stovel Circle, Colorado Springs, CO 80916 · 3bd/2ba · $269,900
List Price
$269,900
Assumable Rate
5.55%
Remaining Balance
$250,765
Equity Gap
$19,134
Loan Type
FHAAdjust Your Scenario
$13,495
$13,495$19,134
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.55% (FHA)
Blended Rate: 5.59%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,621/moAssumable @ 5.55% + gap loan
$1,471/moAssumed loan: $1,432/mo
Gap financing: $39/mo
$150less per month with the assumable
Your Savings on This Property
36 Stovel Circle, Colorado Springs · 5.55% FHA vs 6.5% conventional
$150
per month
$1,794
per year
$53,832
over 30 years
$53,831
interest saved
How gap financing works: The equity gap ($19,134) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($13,495, 5% of purchase price) and a second mortgage for the rest ($5,639 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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