Loan Comparison: 5.41% vs 6.5%
7565 Woody Creek, Colorado Springs, CO 80911 · 5bd/3ba · $385,000
List Price
$385,000
Assumable Rate
5.41%
Remaining Balance
$365,293
Equity Gap
$19,707
Loan Type
FHAAdjust Your Scenario
$19,250
$19,250$19,707
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.41% (FHA)
Blended Rate: 5.41%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,312/moAssumable @ 5.41% + gap loan
$2,057/moAssumed loan: $2,054/mo
Gap financing: $4/mo
$255less per month with the assumable
Your Savings on This Property
7565 Woody Creek, Colorado Springs · 5.41% FHA vs 6.5% conventional
$255
per month
$3,057
per year
$91,714
over 30 years
$91,714
interest saved
How gap financing works: The equity gap ($19,707) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,250, 5% of purchase price) and a second mortgage for the rest ($457 at 8.5%). 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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