Loan Comparison: 6.39% vs 6.5%
3216 Vail Pass Drive, Colorado Springs, CO 80917 · 3bd/3ba · $275,000
List Price
$275,000
Assumable Rate
6.39%
Remaining Balance
$256,715
Equity Gap
$18,285
Loan Type
FHAAdjust Your Scenario
$13,750
$13,750$18,285
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.39% (FHA)
Blended Rate: 6.41%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,651/moAssumable @ 6.39% + gap loan
$1,636/moAssumed loan: $1,604/mo
Gap financing: $32/mo
$15less per month with the assumable
Your Savings on This Property
3216 Vail Pass Drive, Colorado Springs · 6.39% FHA vs 6.5% conventional
$15
per month
$186
per year
$5,573
over 30 years
$5,573
interest saved
How gap financing works: The equity gap ($18,285) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($13,750, 5% of purchase price) and a second mortgage for the rest ($4,535 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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