Loan Comparison: 6.93% vs 6.5%
6133 Alpine Ridge Drive, Colorado Springs, CO 80925 · 5bd/3ba · $430,000
List Price
$430,000
Assumable Rate
6.93%
Remaining Balance
$368,898
Equity Gap
$61,102
Loan Type
FHAAdjust Your Scenario
$21,500
$21,500$61,102
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.93% (FHA)
Blended Rate: 6.99%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,582/moAssumable @ 6.93% + gap loan
$2,714/moAssumed loan: $2,437/mo
Gap financing: $277/mo
Your Savings on This Property
6133 Alpine Ridge Drive, Colorado Springs · 6.93% 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 ($61,102) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,500, 5% of purchase price) and a second mortgage for the rest ($39,602 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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