Loan Comparison: 5.78% vs 6.5%
4737 Splendid Circle, Colorado Springs, CO 80917 · 3bd/2ba · $385,000
List Price
$385,000
Assumable Rate
5.78%
Remaining Balance
$337,173
Equity Gap
$47,826
Loan Type
FHAAdjust Your Scenario
$19,250
$19,250$47,826
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.78% (FHA)
Blended Rate: 5.91%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,312/moAssumable @ 5.78% + gap loan
$2,174/moAssumed loan: $1,974/mo
Gap financing: $200/mo
$138less per month with the assumable
Your Savings on This Property
4737 Splendid Circle, Colorado Springs · 5.78% FHA vs 6.5% conventional
$138
per month
$1,655
per year
$49,644
over 30 years
$49,643
interest saved
How gap financing works: The equity gap ($47,826) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,250, 5% of purchase price) and a second mortgage for the rest ($28,576 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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