Loan Comparison: 3.98% vs 6.5%
21 Polk Street, Colorado Springs, CO 80907 · 5bd/3ba · $499,000
List Price
$499,000
Assumable Rate
3.98%
Remaining Balance
$198,596
Equity Gap
$300,404
Loan Type
FHAAdjust Your Scenario
$24,950
$24,950$300,404
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.98% (FHA)
Blended Rate: 6.03%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,996/moAssumable @ 3.98% + gap loan
$2,872/moAssumed loan: $946/mo
Gap financing: $1,926/mo
$124less per month with the assumable
Your Savings on This Property
21 Polk Street, Colorado Springs · 3.98% FHA vs 6.5% conventional
$124
per month
$1,494
per year
$44,807
over 30 years
$44,807
interest saved
How gap financing works: The equity gap ($300,404) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,950, 5% of purchase price) and a second mortgage for the rest ($275,454 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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