Loan Comparison: 6.78% vs 6.5%
2015 Erin Loop, Colorado Springs, CO 80918 · 1bd/1ba · $214,000
List Price
$214,000
Assumable Rate
6.78%
Remaining Balance
$202,470
Equity Gap
$11,530
Loan Type
FHAAdjust Your Scenario
$10,700
$10,700$11,530
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.78% (FHA)
Blended Rate: 6.78%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,285/moAssumable @ 6.78% + gap loan
$1,323/moAssumed loan: $1,317/mo
Gap financing: $6/mo
Your Savings on This Property
2015 Erin Loop, Colorado Springs · 6.78% 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 ($11,530) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($10,700, 5% of purchase price) and a second mortgage for the rest ($830 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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