Loan Comparison: 6.18% vs 6.5%
1951 Ruffino Drive, Colorado Springs, CO 80921 · 5bd/4ba · $715,000
List Price
$715,000
Assumable Rate
6.18%
Remaining Balance
$542,974
Equity Gap
$172,025
Loan Type
FHAAdjust Your Scenario
$35,750
$35,750$172,025
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.18% (FHA)
Blended Rate: 6.44%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,293/moAssumable @ 6.18% + gap loan
$4,271/moAssumed loan: $3,319/mo
Gap financing: $953/mo
$22less per month with the assumable
Your Savings on This Property
1951 Ruffino Drive, Colorado Springs · 6.18% FHA vs 6.5% conventional
$22
per month
$264
per year
$7,907
over 30 years
$7,906
interest saved
How gap financing works: The equity gap ($172,025) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($35,750, 5% of purchase price) and a second mortgage for the rest ($136,275 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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