Loan Comparison: 4.95% vs 6.5%
4928 Joseph Drive, Colorado Springs, CO 80916 · 3bd/2ba · $315,000
List Price
$315,000
Assumable Rate
4.95%
Remaining Balance
$66,370
Equity Gap
$248,629
Loan Type
FHAAdjust Your Scenario
$15,750
$15,750$248,629
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4.95% (FHA)
Blended Rate: 6.93%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,891/moAssumable @ 4.95% + gap loan
$1,983/moAssumed loan: $354/mo
Gap financing: $1,628/mo
Your Savings on This Property
4928 Joseph Drive, Colorado Springs · 4.95% 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 ($248,629) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($15,750, 5% of purchase price) and a second mortgage for the rest ($232,879 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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