Loan Comparison: 2.87% vs 6.5%
4416 San Miguel Street, Colorado Springs, CO 80910 · 3bd/2ba · $399,000
List Price
$399,000
Assumable Rate
2.87%
Remaining Balance
$330,688
Equity Gap
$68,311
Loan Type
FHAAdjust Your Scenario
$19,950
$19,950$68,311
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.87% (FHA)
Blended Rate: 3.46%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,396/moAssumable @ 2.87% + gap loan
$1,709/moAssumed loan: $1,371/mo
Gap financing: $338/mo
$687less per month with the assumable
Your Savings on This Property
4416 San Miguel Street, Colorado Springs · 2.87% FHA vs 6.5% conventional
$687
per month
$8,239
per year
$247,173
over 30 years
$247,172
interest saved
How gap financing works: The equity gap ($68,311) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,950, 5% of purchase price) and a second mortgage for the rest ($48,361 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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