Loan Comparison: 4.02% vs 6.5%
519 Shady Crest Circle, Colorado Springs, CO 80916 · 4bd/3ba · $225,000
List Price
$225,000
Assumable Rate
4.02%
Remaining Balance
$98,005
Equity Gap
$126,994
Loan Type
FHAAdjust Your Scenario
$11,250
$11,250$126,994
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4.02% (FHA)
Blended Rate: 5.90%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,351/moAssumable @ 4.02% + gap loan
$1,278/moAssumed loan: $469/mo
Gap financing: $809/mo
$73less per month with the assumable
Your Savings on This Property
519 Shady Crest Circle, Colorado Springs · 4.02% FHA vs 6.5% conventional
$73
per month
$873
per year
$26,181
over 30 years
$26,180
interest saved
How gap financing works: The equity gap ($126,994) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($11,250, 5% of purchase price) and a second mortgage for the rest ($115,744 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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