Loan Comparison: 4.27% vs 6.5%
1826 Lanka Lane, Colorado Springs, CO 80915 · 5bd/4ba · $175,000
List Price
$175,000
Assumable Rate
4.27%
Remaining Balance
$150,685
Equity Gap
$24,314
Loan Type
FHAAdjust Your Scenario
$8,750
$8,750$24,314
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4.27% (FHA)
Blended Rate: 4.57%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,051/moAssumable @ 4.27% + gap loan
$852/moAssumed loan: $743/mo
Gap financing: $109/mo
$199less per month with the assumable
Your Savings on This Property
1826 Lanka Lane, Colorado Springs · 4.27% FHA vs 6.5% conventional
$199
per month
$2,387
per year
$71,619
over 30 years
$71,618
interest saved
How gap financing works: The equity gap ($24,314) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($8,750, 5% of purchase price) and a second mortgage for the rest ($15,564 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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