Loan Comparison: 5.22% vs 6.5%
1309 Tappan Circle, Colorado Springs, CO 80909 · 3bd/2ba · $440,000
List Price
$440,000
Assumable Rate
5.22%
Remaining Balance
$392,848
Equity Gap
$47,152
Loan Type
FHAAdjust Your Scenario
$22,000
$22,000$47,152
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.22% (FHA)
Blended Rate: 5.36%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,642/moAssumable @ 5.22% + gap loan
$2,338/moAssumed loan: $2,162/mo
Gap financing: $176/mo
$304less per month with the assumable
Your Savings on This Property
1309 Tappan Circle, Colorado Springs · 5.22% FHA vs 6.5% conventional
$304
per month
$3,650
per year
$109,494
over 30 years
$109,494
interest saved
How gap financing works: The equity gap ($47,152) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,000, 5% of purchase price) and a second mortgage for the rest ($25,152 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.
🏠
Back to This Listing
View photos, details, and request a showing for 1309 Tappan Circle.
View Listing Details📈
Interested in This Home?
Get full loan details and schedule a showing. Free, no obligation.