Loan Comparison: 7.29% vs 6.5%
742 Ellston Street, Colorado Springs, CO 80907 · 4bd/2ba · $529,900
List Price
$529,900
Assumable Rate
7.29%
Remaining Balance
$425,442
Equity Gap
$104,458
Loan Type
FHAAdjust Your Scenario
$26,495
$26,495$104,458
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 7.29% (FHA)
Blended Rate: 7.32%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,182/moAssumable @ 7.29% + gap loan
$3,459/moAssumed loan: $2,914/mo
Gap financing: $545/mo
Your Savings on This Property
742 Ellston Street, Colorado Springs · 7.29% 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 ($104,458) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($26,495, 5% of purchase price) and a second mortgage for the rest ($77,963 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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