Loan Comparison: 6.35% vs 6.5%
3347 Heather Glen Drive, Colorado Springs, CO 80922 · 4bd/3ba · $389,900
List Price
$389,900
Assumable Rate
6.35%
Remaining Balance
$328,867
Equity Gap
$61,033
Loan Type
FHAAdjust Your Scenario
$19,495
$19,495$61,033
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.35% (FHA)
Blended Rate: 6.48%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,341/moAssumable @ 6.35% + gap loan
$2,337/moAssumed loan: $2,046/mo
Gap financing: $290/mo
$4less per month with the assumable
Your Savings on This Property
3347 Heather Glen Drive, Colorado Springs · 6.35% FHA vs 6.5% conventional
$4
per month
$53
per year
$1,600
over 30 years
$1,600
interest saved
How gap financing works: The equity gap ($61,033) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,495, 5% of purchase price) and a second mortgage for the rest ($41,538 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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