Loan Comparison: 6.87% vs 6.5%
1826 Lanka Lane, Colorado Springs, CO 80915 · 4bd/3ba · $175,000
List Price
$175,000
Assumable Rate
6.87%
Remaining Balance
$26,085
Equity Gap
$148,914
Loan Type
FHAAdjust Your Scenario
$8,750
$8,750$148,914
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.87% (FHA)
Blended Rate: 7.40%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,051/moAssumable @ 6.87% + gap loan
$1,151/moAssumed loan: $171/mo
Gap financing: $980/mo
Your Savings on This Property
1826 Lanka Lane, Colorado Springs · 6.87% 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 ($148,914) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($8,750, 5% of purchase price) and a second mortgage for the rest ($140,164 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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