Loan Comparison: 6.66% vs 6.5%
1447 Madison Ridge Heights, Colorado Springs, CO 80904 · 3bd/3ba · $289,900
List Price
$289,900
Assumable Rate
6.66%
Remaining Balance
$107,575
Equity Gap
$182,325
Loan Type
FHAAdjust Your Scenario
$14,495
$14,495$182,325
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.66% (FHA)
Blended Rate: 7.17%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,741/moAssumable @ 6.66% + gap loan
$1,865/moAssumed loan: $691/mo
Gap financing: $1,173/mo
Your Savings on This Property
1447 Madison Ridge Heights, Colorado Springs · 6.66% 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 ($182,325) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($14,495, 5% of purchase price) and a second mortgage for the rest ($167,830 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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