Loan Comparison: 5.13% vs 6.5%
6830 Parkridge Court, Colorado Springs, CO 80915 · 5bd/2ba · $349,500
List Price
$349,500
Assumable Rate
5.13%
Remaining Balance
$313,982
Equity Gap
$35,518
Loan Type
FHAAdjust Your Scenario
$17,475
$17,475$35,518
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.13% (FHA)
Blended Rate: 5.26%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,099/moAssumable @ 5.13% + gap loan
$1,837/moAssumed loan: $1,711/mo
Gap financing: $126/mo
$262less per month with the assumable
Your Savings on This Property
6830 Parkridge Court, Colorado Springs · 5.13% FHA vs 6.5% conventional
$262
per month
$3,143
per year
$94,287
over 30 years
$94,287
interest saved
How gap financing works: The equity gap ($35,518) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,475, 5% of purchase price) and a second mortgage for the rest ($18,043 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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