Loan Comparison: 3.16% vs 6.5%
6052 Dancing Sun, Colorado Springs, CO 80911 · 4bd/4ba · $465,000
List Price
$465,000
Assumable Rate
3.16%
Remaining Balance
$311,702
Equity Gap
$153,298
Loan Type
FHAAdjust Your Scenario
$23,250
$23,250$153,298
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.16% (FHA)
Blended Rate: 4.73%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,792/moAssumable @ 3.16% + gap loan
$2,341/moAssumed loan: $1,341/mo
Gap financing: $1,000/mo
$451less per month with the assumable
Your Savings on This Property
6052 Dancing Sun, Colorado Springs · 3.16% FHA vs 6.5% conventional
$451
per month
$5,412
per year
$162,362
over 30 years
$162,362
interest saved
How gap financing works: The equity gap ($153,298) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,250, 5% of purchase price) and a second mortgage for the rest ($130,048 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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