Loan Comparison: 6.64% vs 6.5%
2206 Olympic Drive, Colorado Springs, CO 80910 · 3bd/3ba · $290,000
List Price
$290,000
Assumable Rate
6.64%
Remaining Balance
$205,242
Equity Gap
$84,757
Loan Type
FHAAdjust Your Scenario
$14,500
$14,500$84,757
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.64% (FHA)
Blended Rate: 6.86%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,741/moAssumable @ 6.64% + gap loan
$1,807/moAssumed loan: $1,316/mo
Gap financing: $491/mo
Your Savings on This Property
2206 Olympic Drive, Colorado Springs · 6.64% 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 ($84,757) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($14,500, 5% of purchase price) and a second mortgage for the rest ($70,257 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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