Loan Comparison: 6.89% vs 6.5%
727 Rio Grande Street, Colorado Springs, CO 80903 · 3bd/2ba · $319,000
List Price
$319,000
Assumable Rate
6.89%
Remaining Balance
$97,036
Equity Gap
$221,963
Loan Type
FHAAdjust Your Scenario
$15,950
$15,950$221,963
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.89% (FHA)
Blended Rate: 7.30%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,915/moAssumable @ 6.89% + gap loan
$2,079/moAssumed loan: $638/mo
Gap financing: $1,440/mo
Your Savings on This Property
727 Rio Grande Street, Colorado Springs · 6.89% 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 ($221,963) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($15,950, 5% of purchase price) and a second mortgage for the rest ($206,013 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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