Loan Comparison: 6.76% vs 6.5%
88 Doris Drive, Colorado Springs, CO 80911 · 3bd/1ba · $285,000
List Price
$285,000
Assumable Rate
6.76%
Remaining Balance
$4,567
Equity Gap
$280,432
Loan Type
FHAAdjust Your Scenario
$14,250
$14,250$280,432
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.76% (FHA)
Blended Rate: 7.49%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,711/moAssumable @ 6.76% + gap loan
$1,891/moAssumed loan: $30/mo
Gap financing: $1,861/mo
Your Savings on This Property
88 Doris Drive, Colorado Springs · 6.76% 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 ($280,432) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($14,250, 5% of purchase price) and a second mortgage for the rest ($266,182 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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