Loan Comparison: 4.59% vs 6.5%
126 Roosevelt, Colorado Springs, CO 80909 · 3bd/1ba · $315,000
List Price
$315,000
Assumable Rate
4.59%
Remaining Balance
$192,783
Equity Gap
$122,626
Loan Type
FHAAdjust Your Scenario
$15,750
$15,750$122,626
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4.59% (FHA)
Blended Rate: 5.98%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,891/moAssumable @ 4.59% + gap loan
$1,809/moAssumed loan: $987/mo
Gap financing: $822/mo
$83less per month with the assumable
Your Savings on This Property
126 Roosevelt, Colorado Springs · 4.59% FHA vs 6.5% conventional
$83
per month
$990
per year
$29,714
over 30 years
$30,123
interest saved
How gap financing works: The equity gap ($122,626) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($15,750, 5% of purchase price) and a second mortgage for the rest ($106,876 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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