Loan Comparison: 6.64% vs 6.5%
7350 Waterwheel Street, Colorado Springs, CO 80911 · 5bd/3ba · $350,000
List Price
$350,000
Assumable Rate
6.64%
Remaining Balance
$11,446
Equity Gap
$338,554
Loan Type
FHAAdjust Your Scenario
$17,500
$17,500$338,554
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.64% (FHA)
Blended Rate: 7.47%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,102/moAssumable @ 6.64% + gap loan
$2,318/moAssumed loan: $73/mo
Gap financing: $2,245/mo
Your Savings on This Property
7350 Waterwheel Street, Colorado Springs · 6.64% 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 ($338,554) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,500, 5% of purchase price) and a second mortgage for the rest ($321,054 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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