Loan Comparison: 5% vs 6.5%
2199 Squawbush Ridge, Colorado Springs, CO 80910 · 2bd/3ba · $285,000
List Price
$285,000
Assumable Rate
5%
Remaining Balance
$78,806
Equity Gap
$206,545
Loan Type
FHAAdjust Your Scenario
$14,250
$14,250$206,545
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5% (FHA)
Blended Rate: 7.48%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,711/moAssumable @ 5% + gap loan
$1,902/moAssumed loan: $423/mo
Gap financing: $1,479/mo
Your Savings on This Property
2199 Squawbush Ridge, Colorado Springs · 5% FHA vs 6.5% conventional
$0
per month
$0
per year
$0
over 30 years
$0
interest saved
How gap financing works: The equity gap ($206,545) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($14,250, 5% of purchase price) and a second mortgage for the rest ($192,295 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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