Loan Comparison: 6% vs 6.5%
6964 Palmer Park, Colorado Springs, CO 80915 · 3bd/2ba · $210,000
List Price
$210,000
Assumable Rate
6%
Remaining Balance
$67,071
Equity Gap
$167,539
Loan Type
FHAAdjust Your Scenario
$10,500
$10,500$167,539
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6% (FHA)
Blended Rate: 7.75%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,261/moAssumable @ 6% + gap loan
$1,610/moAssumed loan: $402/mo
Gap financing: $1,207/mo
Your Savings on This Property
6964 Palmer Park, Colorado Springs · 6% 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 ($167,539) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($10,500, 5% of purchase price) and a second mortgage for the rest ($157,039 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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