Loan Comparison: 5.09% vs 6.5%
4747 Hackamore Drive, Colorado Springs, CO 80918 · 3bd/2ba · $412,000
List Price
$412,000
Assumable Rate
5.09%
Remaining Balance
$362,775
Equity Gap
$49,225
Loan Type
FHAAdjust Your Scenario
$20,600
$20,600$49,225
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.09% (FHA)
Blended Rate: 5.27%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,474/moAssumable @ 5.09% + gap loan
$2,168/moAssumed loan: $1,967/mo
Gap financing: $200/mo
$306less per month with the assumable
Your Savings on This Property
4747 Hackamore Drive, Colorado Springs · 5.09% FHA vs 6.5% conventional
$306
per month
$3,676
per year
$110,270
over 30 years
$110,270
interest saved
How gap financing works: The equity gap ($49,225) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,600, 5% of purchase price) and a second mortgage for the rest ($28,625 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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