Loan Comparison: 5.22% vs 6.5%
218 Kilmer, Colorado Springs, CO 80916 · 3bd/2ba · $335,000
List Price
$335,000
Assumable Rate
5.22%
Remaining Balance
$299,302
Equity Gap
$46,783
Loan Type
FHAAdjust Your Scenario
$16,750
$16,750$46,783
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.22% (FHA)
Blended Rate: 5.52%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,012/moAssumable @ 5.22% + gap loan
$1,878/moAssumed loan: $1,647/mo
Gap financing: $231/mo
$133less per month with the assumable
Your Savings on This Property
218 Kilmer, Colorado Springs · 5.22% FHA vs 6.5% conventional
$133
per month
$1,601
per year
$48,034
over 30 years
$59,119
interest saved
How gap financing works: The equity gap ($46,783) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($16,750, 5% of purchase price) and a second mortgage for the rest ($30,033 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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