Loan Comparison: 6.85% vs 6.5%
3463 Springnite Drive, Colorado Springs, CO 80916 · 3bd/4ba · $260,000
List Price
$260,000
Assumable Rate
6.85%
Remaining Balance
$6,049
Equity Gap
$253,951
Loan Type
FHAAdjust Your Scenario
$13,000
$13,000$253,951
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.85% (FHA)
Blended Rate: 7.48%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,561/moAssumable @ 6.85% + gap loan
$1,724/moAssumed loan: $40/mo
Gap financing: $1,685/mo
Your Savings on This Property
3463 Springnite Drive, Colorado Springs · 6.85% 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 ($253,951) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($13,000, 5% of purchase price) and a second mortgage for the rest ($240,951 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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