Loan Comparison: 4.64% vs 6.5%
21 Minden, Colorado Springs, CO 80906 · 4bd/2ba · $299,900
List Price
$299,900
Assumable Rate
4.64%
Remaining Balance
$256,178
Equity Gap
$43,722
Loan Type
FHAAdjust Your Scenario
$14,995
$14,995$43,722
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4.64% (FHA)
Blended Rate: 5.03%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,801/moAssumable @ 4.64% + gap loan
$1,540/moAssumed loan: $1,319/mo
Gap financing: $221/mo
$260less per month with the assumable
Your Savings on This Property
21 Minden, Colorado Springs · 4.64% FHA vs 6.5% conventional
$260
per month
$3,126
per year
$93,778
over 30 years
$93,778
interest saved
How gap financing works: The equity gap ($43,722) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($14,995, 5% of purchase price) and a second mortgage for the rest ($28,727 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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