Loan Comparison: 4.17% vs 6.5%
724-726 Pioneer Lane, Colorado Springs, CO 80904 · 4bd/3ba · $625,000
List Price
$625,000
Assumable Rate
4.17%
Remaining Balance
$407,455
Equity Gap
$217,545
Loan Type
FHAAdjust Your Scenario
$31,250
$31,250$217,545
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4.17% (FHA)
Blended Rate: 5.21%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,753/moAssumable @ 4.17% + gap loan
$3,288/moAssumed loan: $1,985/mo
Gap financing: $1,303/mo
$465less per month with the assumable
Your Savings on This Property
724-726 Pioneer Lane, Colorado Springs · 4.17% FHA vs 6.5% conventional
$465
per month
$5,579
per year
$167,366
over 30 years
$167,366
interest saved
How gap financing works: The equity gap ($217,545) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($31,250, 5% of purchase price) and a second mortgage for the rest ($186,295 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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