Loan Comparison: 5.22% vs 6.5%
7816 Guinness Way, Colorado Springs, CO 80951 · 4bd/3ba · $459,000
List Price
$459,000
Assumable Rate
5.22%
Remaining Balance
$363,992
Equity Gap
$95,008
Loan Type
FHAAdjust Your Scenario
$22,950
$22,950$95,008
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.22% (FHA)
Blended Rate: 5.60%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,756/moAssumable @ 5.22% + gap loan
$2,507/moAssumed loan: $2,003/mo
Gap financing: $504/mo
$249less per month with the assumable
Your Savings on This Property
7816 Guinness Way, Colorado Springs · 5.22% FHA vs 6.5% conventional
$249
per month
$2,989
per year
$89,666
over 30 years
$89,666
interest saved
How gap financing works: The equity gap ($95,008) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,950, 5% of purchase price) and a second mortgage for the rest ($72,058 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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