Loan Comparison: 6.06% vs 6.5%
3840 Summer Breeze Drive, Colorado Springs, CO 80918 · 3bd/3ba · $480,000
List Price
$480,000
Assumable Rate
6.06%
Remaining Balance
$22,168
Equity Gap
$457,831
Loan Type
FHAAdjust Your Scenario
$24,000
$24,000$457,831
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.06% (FHA)
Blended Rate: 7.43%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,882/moAssumable @ 6.06% + gap loan
$3,167/moAssumed loan: $134/mo
Gap financing: $3,033/mo
Your Savings on This Property
3840 Summer Breeze Drive, Colorado Springs · 6.06% 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 ($457,831) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,000, 5% of purchase price) and a second mortgage for the rest ($433,831 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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