Loan Comparison: 5.22% vs 6.5%
7816 Guinness, Colorado Springs, CO 80951 · 3bd/3ba · $464,000
List Price
$464,000
Assumable Rate
5.22%
Remaining Balance
$365,074
Equity Gap
$98,926
Loan Type
FHAAdjust Your Scenario
$23,200
$23,200$98,926
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 5.22% (FHA)
Blended Rate: 5.78%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,786/moAssumable @ 5.22% + gap loan
$2,591/moAssumed loan: $2,009/mo
Gap financing: $582/mo
$195less per month with the assumable
Your Savings on This Property
7816 Guinness, Colorado Springs · 5.22% FHA vs 6.5% conventional
$195
per month
$2,337
per year
$70,097
over 30 years
$70,097
interest saved
How gap financing works: The equity gap ($98,926) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,200, 5% of purchase price) and a second mortgage for the rest ($75,726 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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