Loan Comparison: 6.94% vs 6.5%
3170 Tiffany Terrace, Colorado Springs, CO 80920 · 3bd/1ba · $479,000
List Price
$479,000
Assumable Rate
6.94%
Remaining Balance
$17,760
Equity Gap
$461,240
Loan Type
FHAAdjust Your Scenario
$23,950
$23,950$461,240
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.94% (FHA)
Blended Rate: 7.48%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,876/moAssumable @ 6.94% + gap loan
$3,175/moAssumed loan: $117/mo
Gap financing: $3,058/mo
Your Savings on This Property
3170 Tiffany Terrace, Colorado Springs · 6.94% 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 ($461,240) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,950, 5% of purchase price) and a second mortgage for the rest ($437,290 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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