Loan Comparison: 4% vs 6.5%
4766 Kerry Lynn View, Colorado Springs, CO 80922 · 3bd/2ba · $395,000
List Price
$395,000
Assumable Rate
4%
Remaining Balance
$360,682
Equity Gap
$34,317
Loan Type
FHAAdjust Your Scenario
$19,750
$19,750$34,317
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4% (FHA)
Blended Rate: 4.14%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,372/moAssumable @ 4% + gap loan
$1,824/moAssumed loan: $1,722/mo
Gap financing: $102/mo
$548less per month with the assumable
Your Savings on This Property
4766 Kerry Lynn View, Colorado Springs · 4% FHA vs 6.5% conventional
$548
per month
$6,576
per year
$197,291
over 30 years
$197,290
interest saved
How gap financing works: The equity gap ($34,317) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,750, 5% of purchase price) and a second mortgage for the rest ($14,567 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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