Loan Comparison: 6.5% vs 6.5%
2015 Erin Loop, Colorado Springs, CO 80918 · 2bd/2ba · $214,000
List Price
$214,000
Assumable Rate
6.5%
Remaining Balance
$7,204
Equity Gap
$206,796
Loan Type
FHAAdjust Your Scenario
$10,700
$10,700$206,796
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.5% (FHA)
Blended Rate: 7.46%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,285/moAssumable @ 6.5% + gap loan
$1,417/moAssumed loan: $46/mo
Gap financing: $1,371/mo
Your Savings on This Property
2015 Erin Loop, Colorado Springs · 6.5% 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 ($206,796) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($10,700, 5% of purchase price) and a second mortgage for the rest ($196,096 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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