Loan Comparison: 6.99% vs 6.5%
239 Elmwood Drive, Colorado Springs, CO 80907 · 3bd/2ba · $430,000
List Price
$430,000
Assumable Rate
6.99%
Remaining Balance
$381,826
Equity Gap
$48,173
Loan Type
FHAAdjust Your Scenario
$21,500
$21,500$48,173
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.99% (FHA)
Blended Rate: 7.02%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,582/moAssumable @ 6.99% + gap loan
$2,724/moAssumed loan: $2,538/mo
Gap financing: $187/mo
Your Savings on This Property
239 Elmwood Drive, Colorado Springs · 6.99% 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 ($48,173) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($21,500, 5% of purchase price) and a second mortgage for the rest ($26,673 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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