Loan Comparison: 5.93% vs 6.5%
7404 Steward Lane, Colorado Springs, CO 80922 · 3bd/2ba · $399,000
List Price
$399,000
Assumable Rate
5.93%
Remaining Balance
$71,343
Equity Gap
$327,657
Loan Type
FHAAdjust Your Scenario
$19,950
$19,950$327,657
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.93% (FHA)
Blended Rate: 7.20%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,396/moAssumable @ 5.93% + gap loan
$2,576/moAssumed loan: $425/mo
Gap financing: $2,152/mo
Your Savings on This Property
7404 Steward Lane, Colorado Springs · 5.93% 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 ($327,657) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,950, 5% of purchase price) and a second mortgage for the rest ($307,707 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.
🏠
Back to This Listing
View photos, details, and request a showing for 7404 Steward Lane.
View Listing Details📈
Interested in This Home?
Get full loan details and schedule a showing. Free, no obligation.