Loan Comparison: 5.52% vs 6.5%
1230 Bayberry, Colorado Springs, CO 80916 · 4bd/2ba · $391,500
List Price
$391,500
Assumable Rate
5.52%
Remaining Balance
$350,472
Equity Gap
$41,028
Loan Type
FHAAdjust Your Scenario
$19,575
$19,575$41,028
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.52% (FHA)
Blended Rate: 5.69%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,351/moAssumable @ 5.52% + gap loan
$2,159/moAssumed loan: $1,994/mo
Gap financing: $165/mo
$192less per month with the assumable
Your Savings on This Property
1230 Bayberry, Colorado Springs · 5.52% FHA vs 6.5% conventional
$192
per month
$2,298
per year
$68,948
over 30 years
$68,948
interest saved
How gap financing works: The equity gap ($41,028) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,575, 5% of purchase price) and a second mortgage for the rest ($21,453 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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