Loan Comparison: 5.7% vs 6.5%
2402 Chimayo Drive, Colorado Springs, CO 80911 · 3bd/3ba · $239,900
List Price
$239,900
Assumable Rate
5.7%
Remaining Balance
$3,914
Equity Gap
$235,985
Loan Type
FHAAdjust Your Scenario
$11,995
$11,995$235,985
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.7% (FHA)
Blended Rate: 7.47%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,441/moAssumable @ 5.7% + gap loan
$1,589/moAssumed loan: $23/mo
Gap financing: $1,566/mo
Your Savings on This Property
2402 Chimayo Drive, Colorado Springs · 5.7% 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 ($235,985) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($11,995, 5% of purchase price) and a second mortgage for the rest ($223,990 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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