Loan Comparison: 4.59% vs 6.5%
6816 Ravencrest, Colorado Springs, CO 80919 · 2bd/3ba · $295,000
List Price
$295,000
Assumable Rate
4.59%
Remaining Balance
$177,134
Equity Gap
$130,821
Loan Type
FHAAdjust Your Scenario
$14,750
$14,750$130,821
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4.59% (FHA)
Blended Rate: 6.14%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,771/moAssumable @ 4.59% + gap loan
$1,799/moAssumed loan: $907/mo
Gap financing: $892/mo
Your Savings on This Property
6816 Ravencrest, Colorado Springs · 4.59% FHA vs 6.5% conventional
$0
per month
$0
per year
$0
over 30 years
$2,830
interest saved
How gap financing works: The equity gap ($130,821) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($14,750, 5% of purchase price) and a second mortgage for the rest ($116,071 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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