Loan Comparison: 4.59% vs 6.5%
6816 Ravencrest, Colorado Springs, CO 80919 · 2bd/3ba · $274,900
List Price
$274,900
Assumable Rate
4.59%
Remaining Balance
$163,473
Equity Gap
$111,427
Loan Type
FHAAdjust Your Scenario
$13,745
$13,745$111,427
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4.59% (FHA)
Blended Rate: 6.05%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,651/moAssumable @ 4.59% + gap loan
$1,588/moAssumed loan: $837/mo
Gap financing: $751/mo
$63less per month with the assumable
Your Savings on This Property
6816 Ravencrest, Colorado Springs · 4.59% FHA vs 6.5% conventional
$63
per month
$750
per year
$22,510
over 30 years
$22,510
interest saved
How gap financing works: The equity gap ($111,427) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($13,745, 5% of purchase price) and a second mortgage for the rest ($97,682 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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