Loan Comparison: 2.7% vs 6.5%
8105 Sedgewick Drive, Colorado Springs, CO 80925 · 3bd/3ba · $409,000
List Price
$409,000
Assumable Rate
2.7%
Remaining Balance
$290,714
Equity Gap
$118,286
Loan Type
FHAAdjust Your Scenario
$20,450
$20,450$118,286
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.7% (FHA)
Blended Rate: 3.91%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,456/moAssumable @ 2.7% + gap loan
$1,863/moAssumed loan: $1,179/mo
Gap financing: $684/mo
$593less per month with the assumable
Your Savings on This Property
8105 Sedgewick Drive, Colorado Springs · 2.7% FHA vs 6.5% conventional
$593
per month
$7,112
per year
$213,368
over 30 years
$213,368
interest saved
How gap financing works: The equity gap ($118,286) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,450, 5% of purchase price) and a second mortgage for the rest ($97,836 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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