Loan Comparison: 4.27% vs 6.5%
1826 Lanka, Colorado Springs, CO 80915 · 3bd/2ba · $175,000
List Price
$175,000
Assumable Rate
4.27%
Remaining Balance
$151,333
Equity Gap
$22,703
Loan Type
FHAAdjust Your Scenario
$8,750
$8,750$22,703
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4.27% (FHA)
Blended Rate: 4.63%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,051/moAssumable @ 4.27% + gap loan
$854/moAssumed loan: $746/mo
Gap financing: $107/mo
$197less per month with the assumable
Your Savings on This Property
1826 Lanka, Colorado Springs · 4.27% FHA vs 6.5% conventional
$197
per month
$2,367
per year
$71,023
over 30 years
$70,059
interest saved
How gap financing works: The equity gap ($22,703) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($8,750, 5% of purchase price) and a second mortgage for the rest ($13,953 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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