Loan Comparison: 6.94% vs 6.5%
6805 Parkridge Court, Colorado Springs, CO 80915 · 5bd/4ba · $319,999
List Price
$319,999
Assumable Rate
6.94%
Remaining Balance
$301,820
Equity Gap
$18,178
Loan Type
FHAAdjust Your Scenario
$16,000
$16,000$18,178
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 6.94% (FHA)
Blended Rate: 6.94%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,921/moAssumable @ 6.94% + gap loan
$2,011/moAssumed loan: $1,996/mo
Gap financing: $15/mo
Your Savings on This Property
6805 Parkridge Court, Colorado Springs · 6.94% 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 ($18,178) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($16,000, 5% of purchase price) and a second mortgage for the rest ($2,178 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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