Loan Comparison: 3.94% vs 6.5%
2761 Prospect Street, Colorado Springs, CO 80907 · 5bd/3ba · $459,900
List Price
$459,900
Assumable Rate
3.94%
Remaining Balance
$153,324
Equity Gap
$306,575
Loan Type
FHAAdjust Your Scenario
$22,995
$22,995$306,575
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.94% (FHA)
Blended Rate: 6.25%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,762/moAssumable @ 3.94% + gap loan
$2,710/moAssumed loan: $727/mo
Gap financing: $1,983/mo
$52less per month with the assumable
Your Savings on This Property
2761 Prospect Street, Colorado Springs · 3.94% FHA vs 6.5% conventional
$52
per month
$624
per year
$18,722
over 30 years
$18,721
interest saved
How gap financing works: The equity gap ($306,575) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($22,995, 5% of purchase price) and a second mortgage for the rest ($283,580 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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