Loan Comparison: 6.95% vs 6.5%
7647 Whiptail Point, Colorado Springs, CO 80922 · 3bd/1ba · $245,900
List Price
$245,900
Assumable Rate
6.95%
Remaining Balance
$9,325
Equity Gap
$236,574
Loan Type
FHAAdjust Your Scenario
$12,295
$12,295$236,574
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.95% (FHA)
Blended Rate: 7.48%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,477/moAssumable @ 6.95% + gap loan
$1,630/moAssumed loan: $62/mo
Gap financing: $1,568/mo
Your Savings on This Property
7647 Whiptail Point, Colorado Springs · 6.95% 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 ($236,574) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($12,295, 5% of purchase price) and a second mortgage for the rest ($224,279 at 7.5%). 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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