Loan Comparison: 6.5% vs 6.5%
901 Iowa Avenue, Colorado Springs, CO 80909 · 3bd/2ba · $400,000
List Price
$400,000
Assumable Rate
6.5%
Remaining Balance
$324,113
Equity Gap
$75,887
Loan Type
FHAAdjust Your Scenario
$20,000
$20,000$75,887
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.5% (FHA)
Blended Rate: 6.65%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,402/moAssumable @ 6.5% + gap loan
$2,439/moAssumed loan: $2,049/mo
Gap financing: $391/mo
Your Savings on This Property
901 Iowa Avenue, Colorado Springs · 6.5% 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 ($75,887) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($20,000, 5% of purchase price) and a second mortgage for the rest ($55,887 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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