Loan Comparison: 6.35% vs 6.5%
7170 Mount Higgins Heights, Colorado Springs, CO 80922 · 5bd/4ba · $490,000
List Price
$490,000
Assumable Rate
6.35%
Remaining Balance
$437,548
Equity Gap
$52,452
Loan Type
FHAAdjust Your Scenario
$24,500
$24,500$52,452
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.35% (FHA)
Blended Rate: 6.42%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,942/moAssumable @ 6.35% + gap loan
$2,918/moAssumed loan: $2,723/mo
Gap financing: $195/mo
$24less per month with the assumable
Your Savings on This Property
7170 Mount Higgins Heights, Colorado Springs · 6.35% FHA vs 6.5% conventional
$24
per month
$291
per year
$8,731
over 30 years
$8,731
interest saved
How gap financing works: The equity gap ($52,452) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,500, 5% of purchase price) and a second mortgage for the rest ($27,952 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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