Loan Comparison: 3.91% vs 6.5%
6140 Papoose, Colorado Springs, CO 80923 · 4bd/3ba · $479,900
List Price
$479,900
Assumable Rate
3.91%
Remaining Balance
$168,775
Equity Gap
$311,124
Loan Type
FHAAdjust Your Scenario
$23,995
$23,995$311,124
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.91% (FHA)
Blended Rate: 6.80%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,882/moAssumable @ 3.91% + gap loan
$3,005/moAssumed loan: $797/mo
Gap financing: $2,208/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 ($311,124) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,995, 5% of purchase price) and a second mortgage for the rest ($287,129 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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