Loan Comparison: 5.01% vs 6.5%
1412 Kiowa Street, Colorado Springs, CO 80909 · 2bd/2ba · $450,000
List Price
$450,000
Assumable Rate
5.01%
Remaining Balance
$137,006
Equity Gap
$312,994
Loan Type
FHAAdjust Your Scenario
$22,500
$22,500$312,994
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.01% (FHA)
Blended Rate: 6.70%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,702/moAssumable @ 5.01% + gap loan
$2,767/moAssumed loan: $736/mo
Gap financing: $2,031/mo
Your Savings on This Property
1412 Kiowa Street, Colorado Springs · 5.01% FHA vs 6.5% conventional
$0
per month
$0
per year
$0
over 30 years
$0
interest saved
How gap financing works: The equity gap ($312,994) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,500, 5% of purchase price) and a second mortgage for the rest ($290,494 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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