Loan Comparison: 4.98% vs 6.5%
4045 Cherry Plum, Colorado Springs, CO 80920 · 4bd/4ba · $690,000
List Price
$690,000
Assumable Rate
4.98%
Remaining Balance
$449,941
Equity Gap
$249,814
Loan Type
FHAAdjust Your Scenario
$34,500
$34,500$249,814
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4.98% (FHA)
Blended Rate: 6.12%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,143/moAssumable @ 4.98% + gap loan
$4,065/moAssumed loan: $2,410/mo
Gap financing: $1,656/mo
$78less per month with the assumable
Your Savings on This Property
4045 Cherry Plum, Colorado Springs · 4.98% FHA vs 6.5% conventional
$78
per month
$933
per year
$27,988
over 30 years
$37,743
interest saved
How gap financing works: The equity gap ($249,814) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($34,500, 5% of purchase price) and a second mortgage for the rest ($215,314 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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