Loan Comparison: 6.66% vs 6.5%
4916 Horseshoe Bend Street, Colorado Springs, CO 80917 · 3bd/3ba · $475,000
List Price
$475,000
Assumable Rate
6.66%
Remaining Balance
$1,891
Equity Gap
$473,108
Loan Type
FHAAdjust Your Scenario
$23,750
$23,750$473,108
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.66% (FHA)
Blended Rate: 7.50%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,852/moAssumable @ 6.66% + gap loan
$3,154/moAssumed loan: $12/mo
Gap financing: $3,142/mo
Your Savings on This Property
4916 Horseshoe Bend Street, Colorado Springs · 6.66% 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 ($473,108) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,750, 5% of purchase price) and a second mortgage for the rest ($449,358 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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