Loan Comparison: 5.12% vs 6.5%
6244 Sierra Grande, Colorado Springs, CO 80923 · 2bd/3ba · $355,000
List Price
$355,000
Assumable Rate
5.12%
Remaining Balance
$78,935
Equity Gap
$278,988
Loan Type
FHAAdjust Your Scenario
$17,750
$17,750$278,988
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.12% (FHA)
Blended Rate: 7.72%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,132/moAssumable @ 5.12% + gap loan
$2,438/moAssumed loan: $430/mo
Gap financing: $2,009/mo
Your Savings on This Property
6244 Sierra Grande, Colorado Springs · 5.12% 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 ($278,988) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($17,750, 5% of purchase price) and a second mortgage for the rest ($261,238 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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