Loan Comparison: 3.91% vs 6.5%
6140 Papoose, Colorado Springs, CO 80923 · 4bd/3ba · $485,000
List Price
$485,000
Assumable Rate
3.91%
Remaining Balance
$169,262
Equity Gap
$315,253
Loan Type
FHAAdjust Your Scenario
$24,250
$24,250$315,253
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.91% (FHA)
Blended Rate: 6.81%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,912/moAssumable @ 3.91% + gap loan
$3,037/moAssumed loan: $799/mo
Gap financing: $2,238/mo
Your Savings on This Property
6140 Papoose, Colorado Springs · 3.91% FHA vs 6.5% conventional
$0
per month
$0
per year
$0
over 30 years
$0
interest saved
How gap financing works: The equity gap ($315,253) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($24,250, 5% of purchase price) and a second mortgage for the rest ($291,003 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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