Loan Comparison: 4.2% vs 6.5%
11577 Hibiscus, Colorado Springs, CO 80921 · 3bd/3ba · $475,000
List Price
$475,000
Assumable Rate
4.2%
Remaining Balance
$234,622
Equity Gap
$240,378
Loan Type
FHAAdjust Your Scenario
$23,750
$23,750$240,378
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4.2% (FHA)
Blended Rate: 6.26%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,852/moAssumable @ 4.2% + gap loan
$2,813/moAssumed loan: $1,147/mo
Gap financing: $1,666/mo
$39less per month with the assumable
Your Savings on This Property
11577 Hibiscus, Colorado Springs · 4.2% FHA vs 6.5% conventional
$39
per month
$470
per year
$14,106
over 30 years
$14,106
interest saved
How gap financing works: The equity gap ($240,378) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,750, 5% of purchase price) and a second mortgage for the rest ($216,628 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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