Loan Comparison: 5.66% vs 6.5%
1135 Westmoreland Road, Colorado Springs, CO 80907 · 3bd/4ba · $400,000
List Price
$400,000
Assumable Rate
5.66%
Remaining Balance
$343,384
Equity Gap
$56,615
Loan Type
FHAAdjust Your Scenario
$20,000
$20,000$56,615
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.66% (FHA)
Blended Rate: 5.84%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,402/moAssumable @ 5.66% + gap loan
$2,240/moAssumed loan: $1,984/mo
Gap financing: $256/mo
$162less per month with the assumable
Your Savings on This Property
1135 Westmoreland Road, Colorado Springs · 5.66% FHA vs 6.5% conventional
$162
per month
$1,938
per year
$58,152
over 30 years
$58,151
interest saved
How gap financing works: The equity gap ($56,615) 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 ($36,615 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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