Loan Comparison: 3.76% vs 6.5%
6472 Barr, Colorado Springs, CO 80924 · 3bd/3ba · $460,900
List Price
$460,900
Assumable Rate
3.76%
Remaining Balance
$426,034
Equity Gap
$30,888
Loan Type
FHAAdjust Your Scenario
$23,045
$23,045$30,888
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.76% (FHA)
Blended Rate: 3.85%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,768/moAssumable @ 3.76% + gap loan
$2,036/moAssumed loan: $1,975/mo
Gap financing: $60/mo
$732less per month with the assumable
Your Savings on This Property
6472 Barr, Colorado Springs · 3.76% FHA vs 6.5% conventional
$732
per month
$8,781
per year
$263,443
over 30 years
$259,465
interest saved
How gap financing works: The equity gap ($30,888) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,045, 5% of purchase price) and a second mortgage for the rest ($7,843 at 8.5%). 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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