Loan Comparison: 5.22% vs 6.5%
1309 Tappan, Colorado Springs, CO 80909 · 3bd/2ba · $445,000
List Price
$445,000
Assumable Rate
5.22%
Remaining Balance
$396,321
Equity Gap
$48,679
Loan Type
FHAAdjust Your Scenario
$22,250
$22,250$48,679
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.22% (FHA)
Blended Rate: 5.43%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,672/moAssumable @ 5.22% + gap loan
$2,384/moAssumed loan: $2,181/mo
Gap financing: $203/mo
$288less per month with the assumable
Your Savings on This Property
1309 Tappan, Colorado Springs · 5.22% FHA vs 6.5% conventional
$288
per month
$3,453
per year
$103,576
over 30 years
$103,576
interest saved
How gap financing works: The equity gap ($48,679) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,250, 5% of purchase price) and a second mortgage for the rest ($26,429 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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