Loan Comparison: 5.23% vs 6.5%
6279 Scottsbluff Drive, Colorado Springs, CO 80923 · 3bd/3ba · $400,000
List Price
$400,000
Assumable Rate
5.23%
Remaining Balance
$288,441
Equity Gap
$111,558
Loan Type
FHAAdjust Your Scenario
$20,000
$20,000$111,558
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.23% (FHA)
Blended Rate: 5.78%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,402/moAssumable @ 5.23% + gap loan
$2,229/moAssumed loan: $1,589/mo
Gap financing: $640/mo
$172less per month with the assumable
Your Savings on This Property
6279 Scottsbluff Drive, Colorado Springs · 5.23% FHA vs 6.5% conventional
$172
per month
$2,070
per year
$62,086
over 30 years
$62,085
interest saved
How gap financing works: The equity gap ($111,558) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,000, 5% of purchase price) and a second mortgage for the rest ($91,558 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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