Loan Comparison: 4.37% vs 6.5%
810 Chelton, Colorado Springs, CO 80909 · 2bd/1ba · $275,000
List Price
$275,000
Assumable Rate
4.37%
Remaining Balance
$205,330
Equity Gap
$69,669
Loan Type
FHAAdjust Your Scenario
$13,750
$13,750$69,669
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4.37% (FHA)
Blended Rate: 5.25%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,651/moAssumable @ 4.37% + gap loan
$1,455/moAssumed loan: $1,025/mo
Gap financing: $430/mo
$197less per month with the assumable
Your Savings on This Property
810 Chelton, Colorado Springs · 4.37% FHA vs 6.5% conventional
$197
per month
$2,361
per year
$70,824
over 30 years
$70,823
interest saved
How gap financing works: The equity gap ($69,669) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($13,750, 5% of purchase price) and a second mortgage for the rest ($55,919 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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