Loan Comparison: 6.95% vs 6.5%
6907 Gayle Lyn Lane, Colorado Springs, CO 80919 · 2bd/1ba · $340,000
List Price
$340,000
Assumable Rate
6.95%
Remaining Balance
$322,288
Equity Gap
$17,712
Loan Type
FHAAdjust Your Scenario
$17,000
$17,000$17,712
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.95% (FHA)
Blended Rate: 6.95%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,042/moAssumable @ 6.95% + gap loan
$2,138/moAssumed loan: $2,133/mo
Gap financing: $5/mo
Your Savings on This Property
6907 Gayle Lyn Lane, Colorado Springs · 6.95% 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 ($17,712) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,000, 5% of purchase price) and a second mortgage for the rest ($712 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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