Loan Comparison: 6.27% vs 6.5%
2302 Kent Lane, Colorado Springs, CO 80909 · 4bd/3ba · $425,000
List Price
$425,000
Assumable Rate
6.27%
Remaining Balance
$373,493
Equity Gap
$51,506
Loan Type
FHAAdjust Your Scenario
$21,250
$21,250$51,506
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.27% (FHA)
Blended Rate: 6.36%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,552/moAssumable @ 6.27% + gap loan
$2,516/moAssumed loan: $2,305/mo
Gap financing: $212/mo
$36less per month with the assumable
Your Savings on This Property
2302 Kent Lane, Colorado Springs · 6.27% FHA vs 6.5% conventional
$36
per month
$431
per year
$12,924
over 30 years
$12,923
interest saved
How gap financing works: The equity gap ($51,506) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,250, 5% of purchase price) and a second mortgage for the rest ($30,256 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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